Attention all San Luis Obispo real estate home buyers! The investors are coming! The powers to be in Washington are pushing an idea to market foreclosures to investors in bulk. What does that mean to us? Well, the first thing that comes to my mind is what kind of a "sweet heart" deal will be made to these investors? Are we going to see these assets sold for pennies on the dollar, and then fixed up to be rented out. What is this going to do to the price of those moderate homes out there? It is going to take inventory off the market, and yes bid up prices.
Do we really think that the first time home buyers will be able to compete with those big buck investors that will dangle big rolls of cash in the faces of those asset managers and REO agents? No of course not!
As my blog readers know, I have been strongly pushing the point that the market is changing from a buyers market to a sells. With very little inventory being built, and demand form buyers increasing, we are eventually going to see a housing shortage beginning in the lower priced housing. Then, it will be like the "domino effect". Once the lower tier of properties start to sell and prices rise, we will see more "move up buyers" sell their homes, and bid up the moderate price homes. This will go up the property market, and eventually even hit the higher priced market. But there still is time to get into the market. Buyers need to get those "pre-approvals" from their loan officers, and get to know the San Luis Obispo real estate market. Log on to my web site and start looking now. A well informed buyer can still find bargains. Here is a link to my web site http://www.myslohomefinder.com
There is a well written article by Ronald Orol about the investors buying foreclosed homes. Click the below link to read.
Thanks for reading and best of luck!
Mike
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