Everyone knows that buyers in today's Real Estate market are a little more scarce than in past years. Several issues have contributed as to why, but that "why" doesn't really matter anymore. We all need to take a step back and let the market repair itself. I bet buyers in 2006 didn't realize they were "gambling," by buying real estate, even more than they would have been by buying stocks. The real estate market is a perfect comparable to the NYSE. It just keeps going up and up. The demand is incredible, and the supply is slim. Then all of a sudden, one day it all just crashes.
None the less, I have definitely noticed an increase in interest in buying homes this summer. I've been working non stop. If the market slows a little this winter, I plan to do a lot of profiling on areas, and associations. I must have been in every nook and cranny of the Pocono Mountains in July. Everywhere from Tamiment and Bushkill, to Mount Pocono, Tobyhanna, Buck Hill, Pocono Lake, Stroudsburg, East Stroudsburg, Tannersville, and even the Lehigh Valley! Yes, I've been very busy, and have acquired a lot of gas receipts to write off this Summer! I couldn't ask for more though. I am very optimistic that the market will soon turn around. This could be very good for me. With increase interest in purchasing comes more buyers to work with, and prices will increase. This could be a bad thing for you if you've been hesitant about buying, or it could be good, if you've been holding off on selling. One thing to keep in mind, that with each home, there is room for negotiation, but at the same time, there's really not as much room as you'd expect. If you like a home, there's a good chance that someone else also LOVES the home. Urgency needs to be considered, or you could very well, miss the boat on a potential dream home!
If you need to be in a new home with in the next 3-6 months, it is urgent that you get on the ball, and aggressively view homes. Whether you're researching homes over the internet, or getting down to business, and viewing them in person, it is necessary that you are actively looking. There are many exceptional short sale deals available on today's real estate market. As a buyer, you need to be aware that these sales are rather difficult, and take a very long time. We as Realtors, must make you aware the it may take over 3 MONTHS to even hear an answer from the bank regarding acceptance of an offer. These deals may work quicker if the offer is cash or over asking price. That's just the nature of the beast.
Lending is currently at a stand still. Loans take time. This needs to also be considered when timing a purchase. Banks are double, no triple checking income, credit, and appraisals of properties. The appraisals are coming in at record lows. I guess that all just has to do with the "correction" of the Real Estate business. The good thing is, appraisals that come in low, can often be challenged, and the deal, in the end can still close.
Do not let any of these issues discourage you. I have GREAT news! With a feisty, hard-working Realtor, and with a lender and Title company who all have your best interest at hand, most issues can be worked through! We do not get paid until you own a home! A good Realtor will do what they have to, to get a deal to close. Always remember, it is YOUR choice who you chose to represent you. Research agents, lenders and Title Companies. At the end of the day, you pay these people, and you should choose wisely. Don't allow your Realtor or Lender to suggest "one stop shopping," unless you, yourself have researched and interviewed the companies and their competitors!
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