Tuesday, February 22, 2011

New Year - New Market

Well here we are in a new year with a new Real Estate market.
Buyers are actively seeking real estate to buy but the results are heavily predicated on the banks reaction to the particular property they want to buy and, of course, the buyers credit worthiness.
Especially with the low mortgage interest rates the banks are unhappy lending money out for so little return. They will do it if they are comfortable with the risks.

Many Sellers are pulling their listings because of lack of Buyer interest in the normal price / value range that has been offered over the past 3 or 4 years.

The present market is wonderful for those who would own their own home and who have the down payment and ability to pay the monthly payments.
So we are seeing sales in the price range under $150,000

The occassional sale over $150,000 is also occurring.

Buyers Take note:-
1. Get quotes from at least 3 Banks - it seems like a lot of work but it's worth doing.
2. There are lots of available properties in the $150,000 and under price range.
3. Excellent value properties keeping popping on the market because of Repossession.
4. These low price, high value properties do not last long on the market even today.
5. Negotiate hard but carefully - Sellers have had their fill - The banks know exactly where they will settle.

Happy Hunting - More listings coming soon!!

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