I don't know about other markets...but I have been closely watching the SouthBay area here in Los Angeles. And we have definitely reached rock bottom......which is good, because I have seen just in February, but more importantly in March...sales start to increase. I'm talking about existing home sales, not new homes. Pace is picking up...and wait, when the March statistics come in....you'll see March was up from February...When the new conforming loan rate is activated by Fannie Mae and climbs to $729,750 and lenders start giving conforming loans to buyers under that range, watch what will happen....buyers that were sitting on the fence will start to come out in droves...the ones that need a home over 417,000 but under $729,750 on their loan. Then the cattle will start to follow the herd...because that's what happens...like the media is predicting...it will start to go upward by the 2nd half of this year, and that is July...because it will take a couple months of buyers to understand they can go shopping for a house and as long as the loan after the down payment stays $729,750 and under, they'll get a conforming loan interest rate and a good deal...get ready folks because I have a lot of people licking their lips already and getting ready to GO SHOPPING! It's just around the corner...I see it....banks had no choice when they got these properties back in bucket fulls but to find a way to be more friendlier and start negotiating with people willing to buy...yeehaa! That's why I say...when you're ready to buy...Just Call Shy! I know it sounds corny, but it works!
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