There are some things coming up in the market place that will change the real estate market. Depending on what the government does, the mortgage security the government is guarantying is up in March. In plain English, if the government pulls out, our interest rates will have to RISE, and we easily could get up around 7%. That will affect the PRICES and AFFORDABILITY immediately. Since there has been changes regarding who can do loan modifications, I suggest anyone exploring go online and look into www.naca.com There are some great success stories with this organization.
There WILL BE MORE REO, FORECLOSURES COMING. Depending on how many, and what areas etc.....This could potentially have an effect on pricing. I personally believe the lower end pricing of our areas has stabilized and/or hit a bottom. If you property is or was in a "jumbo" loan area.....There is probably a greater chance of price decline.
A positive that may offset some of this the banks (some of them) are really working towards doing short sales, in faster time frame and not as much hassle. Some of the banks are giving cash incentives to homeowners that participate rather than walk away from their homes.
There is plenty more, but I tell you, now is the time to plan, and make some decisions. If you need ANYTHING with your Real Estate decisions contact us immediately. Thank you and God bless.
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