Source: www.realtor.org
I just spoke with a REO specialist to pick his brain about what he sees coming up in the near term. We had a very good and frank discussion. I highly respect his opinion, he is well connected and has been in the biz since before I was born and handles tons of REO property listings in all of Northern Florida.
The news I am getting out of him is that the foreclosure coming on the market stalled for the holidays...but are now starting to flood onto the market and there is a huge backlog coming online very, very soon. Good news for savvy buyers to pick up some great deals....horrible news for sellers...this indicates to me another very serious price drop in the next 6 months.
Also if you have not had the opportunity...please read the following article...it is by far the best I have seen on the housing market and economy to date...
"Housing: Where is the Bottom?"
it is not an easy or pleasant read...so be prepared!!!! But in my opinion nails it!!!!!
No I am not the type that believes in blowing smoke and telling you how fabulous things are...there are enough of those people out there...I wish I could drink the kool-aid.
I disagree with NAR that the banks will be able or willing to reduce principal balances on loans to slow down the process. Actually, I am seeing and hearing the opposite. The banks are starting to just go straight forward with the foreclosures and then deeply discounting to liquidate inventory quickly. They are tired of the short sales and are attempting to expedite the foreclosure process to more quickly raise much needed capital.
NOW: If you are realistic and looking for a home to purchase for the long term...this is a great time to start picking away at the best deals. This is not a market for short termers/flippers or those without the proper capital to make it through the next few years. And, please, please, please...focus on LOCATION - LOCATION - LOCATION!!!!!! They can build more gated communities, they can build more golf courses and lakes, they can build more condos, but they cannot build more Saltwater Canal, Intracoastal or Oceanfront property...food for thought!!!!
WARNING: This is also not a market for working with inexperienced, part time and un-seasoned real estate professionals in any capacity. Make sure to interview your agent well before entering into any type of transaction at this time. Personally....if I was a buyer or seller...I would not work with anyone without at least 50-100 or more transactions under their belt....and if they are not technology savvy....find another person to work with pronto.
80% of all buyers are initiating there search for real estate online now...and if you are working with someone that is not familiar with how to capitalize on that...you are missing out on much needed marketing to get your property sold. I also would make sure that they are well versed in short sales and foreclosures...even if you are not in one of those categories...you want someone working for you who knows how they impact you too....because they do!!!!
Kristi Ross - REALTOR - With over 13 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.
Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.
**Disclaimer: The search homes information is provided through IDX and Kristi L. Ross PA, Hawk Beach Realty, I, My Broker or associates are not in anyway responsible for any representations, opinions or comments or mistaken information provided.
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