As I drive through my own neigborhood on a weekend, there are Open House signs on every corner. A theme I have noticed...right along side the For Sale sign posted in the yard is a sign stating "Seller Will..." Seller will carry, Seller will pay closing costs, Seller will pay first three months of Principal and Interest on your mortgage. Seller will bend over backwards to get their property SOLD!
It's a Buyers Dream Market, and here are some facts to help you understand a little more of what I speak.
American dollars may be cheaper, but we are making more of them According to the US Labor Department, average wages increased 4.1 %, which means soon to be homeowners will be able to afford a home. Higher wages will render that first home purchase more affordable, especially if that first home is a bargain like a bank foreclosure (REO). If you ever wanted to own your home, or buy a California investment property, your chance is coming.
Many more banker distressed listings are coming on the market. In my home county of Orange County, CA, 15% of properties for sale are short sales or bank foreclosures. Real estate prices have just dropped at the biggest rate yearly rate since the mid-1990's-6.3%. Properties are staying on the market twice as long as last year, and prices are down to 2005 levels.
Never before has it happened like this! The next two months will witness over 80 billion dollars in adjustable subprime loans re-setting, probably to much higher payments California alone has 17% of them ( Just for your information, my calculations show these October/December loan re-adjustments will produce about 8,000 California REOs)
Ladies and gentlemen, now is the time to break out your checkbooks-this is the time when fortunes will be won or lost. Out of many who want to be on my list, I want to work with well-seasoned cash investors.
Is that you? Call me if you want to invest in Orange County, San Diego, or Los Angeles County.
Comments(0)