Have you ever wondered if what you know about real estate is accurate? Consider the following paragraphs and compare what you know to the latest info on real estate.
?Now that we've covered those aspects of real estate, let's turn to some of the other factors that need to be considered.
Has The Housing Market Hit Bottom?
However disconnected from the damage, Arizona residents are reminded that foreclosures have a rippling effect and are urged to take care of their neighbors to avoid lowering property values. Foreclosure prices set the prices on our streets, and we as homeowners need to be cognizant of that. A significant part of the problem is lack of consumer confidence, which could take years or even generations to improve. We are predicting that the housing market is near the bottom, some cities have overcome the “bubble”.
Take Queen Creek and Maricopa for example, homes for sale are receiving multiple offers and in some cases even escalation clauses. We are now seeing mortgage companies beginning to set up the apparatus to accept applications for the refinancing and modifications called for in the stimulus plan. The next 60 days will be very important. As we see past-due borrowers start having new and more pleasant alternatives, there should be a corresponding drop in new foreclosures. Likewise, as lenders begin offering qualified borrowers new lower refinancing rates, there should be a slip in foreclosure volume.
Government-insured FHA mortgages are offered to the first-time home buyers, nudging them into the market. Investors are jumping back in with hopes of parking their money in something else other than money market accounts.
With the prices of homes at their low, rental income will more than pay the monthly mortgage payments. Feeling like we've really hit a bottom here is a really good sign that will help stimulate deals. Consumers need to stop sitting on their wallet and being so conservative. According to the local Multiple Listing Service, average selling time is currently just under 100 days. This is the time to buy!
Hopefully the sections above have contributed to your understanding of real estate. Share your new understanding about real estate with others. They'll thank you for it.
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