Is the Real Estate Market ready for the new wave of Home buyers?

A new wave of home buyers will be surfacing very soon, is the market ready for those buyers.

During the recession, a lot of responsible home owners lost their homes to foreclosures, trustee sales and short sales due to layoffs from work, pay cuts, illnesses, job transfers, relocations and other problems beyond their control.

Most of these responsible home buyers, ended up becoming renters or “perchers” (living with relatives), which is usually not what they always planned their life to be.

Most of these displaced homeowners will be looking to get back into their own homes, in fact some of them are already shopping for homes.

Renting an apartment, townhome or a house is pretty hard for most of these former home owners because most of these home owners are used to owning their own homes, and they are doing everything possible to get back into a home they actually own.

For those home owners who had a foreclosure or had to do a short sale in 2008, they can apply for FHA financing, because it has been 3 years now and a percentage of them will qualify with the down payment of a minimum of 3.5%.

Read more about Buying a home after a foreclosure or shortsale.

Based on the Current Market conditions, the question is, is the Real Estate market ready for these buyers because we will be getting a percentage of them back looking to purchase.

I work in the Phoenix Metro Area and our inventory is currently running very low, so for home owners (who have equity) who are still sitting on the fence wondering if this is the best time to sell, there could not be a better time to sell now when there are enough buyers with no inventory, you don’t want to wait till the market floods up again because you will be competing with other sellers.

When most of the former homeowners start looking for homes, it may appeal to sellers to start selling their homes and this may cause the market to shift again. I really can’t wait to see how the market shifts.

This post was authored by Dorette Oppong-Takyi, a Phoenix Real Estate Consultant and Agent serving Ahwatukee, Phoenix, Tempe, Chandler, Gilbert, Mesa and Surrounding Areas

She can be reached on 480-442-0779, With her team, Dorette is able to ensure her clients have as smooth a transaction as possible

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