Here come the buyers. They have lurked in the shadows all year while the headlines screamed "MORTGAGE CRISIS". Mind, you, they have no idea WHAT a mortgage crisis is, but this much is clear: Who wants to buy a house (which means getting a mortgage) in the middle of a crisis? Did "The Mortgage Crisis" keep buyers from buying houses? Absolutely. It scared them off, plain and simple.
How do you think the mortgage crisis sounded to the average potential homebuyer? How about this: Blah, blah, blah, FORECLOSURE. Blah, blah, blah, VALUES DOWN. Blah, blah blah, NO MORE GOOD LOANS. Okay, that sounds like a crisis to me.
Is it any wonder that they hid under their desk, and refused to come out and play?
But there is change in the air. As the year fades away, pent up demand for real estate is starting to show its face. Those that should have bought last summer, or last spring, have peeked out, stuck their toe in the water and decided, "It isn't that bad".
Buyers have begun the hear the stories about houses being snatched up for much less than they sold for only 2 years earlier. Investors are bragging about two long forgotten words: CASH FLOW.
And just like the leaves outside, RATES CONTINUE TO FALL.
And oh, the inventory. It is alluring. It is intoxicating. Houses for sale everywhere, and they are cheap. A rare opportunity exists for any buyer willing to accept 2 things:
- Your real estate many not appreciate in value (for a while)
- It will be harder to qualify for your mortgage (probably till the end of time)
So this San Francisco Bay Area mortgage office is now seeing an end of the year surge in purchases in all price ranges, as our buyers look around, evaluate, and scramble to achieve the dream they left on the back burner earlier this year.
Buyers may be battered. They may be weary. But they are not stupid.
Blah, blah, blah...GOLDEN OPPORTUNITY.
;)
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