Good News! The Real Estate Market is Slowing Down.
With market ups and downs, the only constant I can seem to find in the media is conflicting opinions and today is no exception. As we proceed through the final quarter of 2013 more reports will come out siting a slowing in the number of homes sold and the pace of our price increases. Of course, the headlines will scare a lot of people especially if you are one of the millions who suffered a loss of a home when the market crashed.
The slow down we are seeing and will hear about is nothing to panic about in my opinion. Remember, investors and buyers can move a lot faster than sellers. When the market officially showed signs of bottoming out, buyers entered the market immediately. It takes a home owner a little longer to get in the game because they have to decide if they want to sell, how much their home is worth, and of course where are they moving. The quick buyers outnumbered the sellers which created a short term housing boom. As sellers entered the market, this has leveled off and created essentially a normal market.
I don’t know about you, but I could use some normal.
Prices are still increasing, just not at the pace we have seen. We can’t withstand a 23% gain year over year and we know this because we tried it in 2003-2008. And that didn’t turn out so well.
Should you buy now or sell now? This question is best answered in the mirror. Market timing is out. Normal market means we buy and sell when WE feel the urge. Would you like a little more space? Newer? Closer to friends, amenities, work? Remember, home is here to support you, not burden you. If you feel as though you would like to improve your life and a new home would help, it’s a great time to transition if you follow the right steps.
Will we see homes not selling? Yes. Why? Price. The most important aspect of selling your home today is pricing it right. Please strategize with me and find a price that sells your home fast, for as much money as possible, without drama.
Rebecca Austin discusses ” Common Loan Modification Questions “ the Law Office of Michael Groves
Radio Show: Home Help Radio with Rebecca on KPRZ
Rebecca Discusses ” Myths & Misconceptions about Underwater Home Values~A Guide for Homeowners in 2012 ” – If you are a homeowner whose house value is less than what you owe, or if you are falling behind on your mortgage payments, listen to this segment as Rebecca brings clarity to the common myths and misconceptions about Short Sale, Loan Modifications, and the Lending Institutions that hold your mortgage.
Radio Show: Home Help Radio with Rebecca Austin on KPRZ
Rebecca Discusses some of the ” Strategies for Homeowners in 2012“
Radio Show: Home Help Radio with Rebecca Austin
Rebecca Discusses some of the ” Smartest Real Estate Decisions for 2012 “
Radio Show: Home Help Radio with Rebecca Austin
Would you believe that is how much the median price of homes in San Diego dropped last year? With all the doom and gloom in the market you’d expect a double digit response, but San Diego almost falls into the flat category.
Here’s another number for ya:
Now we’re talking, right? This is the number of loans in America that are more than 90 days late.
How about this one:
Yes, this is estimated to be how much taxpayers stand to lose from the 3.1 million homes in the federal government’s REO inventory.
This inventory our cooler nickname “shadow inventory” is a critical topic. The other critical topic is Robosigning and the Foreclosure Process questioning that stopped all Trustees Sales a while ago. This drama has not come to an end and for the first time in our recent experience we are actually seeing foreclosures being rescinded by the banks. Schedule to go to sale and then rescinded meaning the bank says “never mind”.
Why would a bank do a foreclosure do-over? Perhaps they are a little concerned about their processes and are wondering if they actually have clear title after? Shadow inventory has assisted in keeping the inventory somewhat under control, but now shadow inventory could tighten even more if the banks are wondering if they can even sell it! YIKES!
What does this mean if you are a seller?
Once the banks figure this out they will most likely over correct as usual and inventory will increase. If you are thinking about selling this would be a good time to evaluate things.
What does this mean if you are a buyer?
Rates are low and if you are looking to buy homes in the under 300K range are actually more available now so if you were looking last summer you might want to take another look around. You might be surprised what you find.
How do you get a deal?
We’ll just let you know when they’re listed! Well, wouldn’t that be nice! The real deals are not always listed at the great deal price so don’t get stuck there. The deal is in the negotiations and we get in the ring for you and battle that part out! Your job? To review homes that are listed for sale in the areas you like that match your criteria, then if you love the home, we prepare the offer documents and negotiate the best deal possible.