foreclosures: So When Will the Foreclosure Snowball Stop Rolling?
- 10/02/10 01:50 AM
In January 2009 I wrote about the foreclosure snowball. We all know the story about the heated real estate market, the popping bubble and the resulting foreclosure and economic crisis. Foreclosures have dragged prices lower which in turn created more foreclosures which again lowered prices which again caused more foreclosures and so on. Foreclosures will continue to put a drag on prices until their numbers decrease. Distressed sales make up around 45% of the Sarasota Florida real estate market (the percentage of distressed sales in the luxury markets like Siesta Key, Longboat Key, Casey Key, Bird Key and Lido Key … (7 comments)
foreclosures: 5 Tips to Buying a Foreclosure
- 12/11/09 09:24 PM
Today's home buyers seem to have the word "foreclosure" stuck in their head. Here are 5 tips to buying a foreclosure. 1) Don’t assume all foreclosures are steals. Just because it is a bank owned property does not mean that it is a great deal. There are many overpriced bank owned properties out there for sale. Fannie Mae and Freddie Mac properties seem to be priced more aggressively. I suppose it depends on who represents them. Hire a good Realtor and learn the market. 2) Location, Location, Location is still the most important thing. Location is still the most important thing … (4 comments)
foreclosures: 5 Tips to Buying a Foreclosure
- 10/09/09 12:13 AM
hinking of buying a foreclosure? Well, if you are you looking to buy a home you might as well look at the bank owned properties for sale. There are plenty of bargains out there to be had on foreclosed properties. Here are 5 tips to buying a foreclosure. 1) Educate yourself on the market This really goes for just buying in general. It is important to be knowledgeable about the market, neighborhoods, recent sales etc. Find yourself a good Realtor who knows the market. They can help you by sending information on sold properties and other market statistics. Just because a … (2 comments)
1. Lower supplies Real estate isn't rocket science. If you have too much inventory without an increase in demand prices will fall. That has been the case the last 3 years. In order for a bottom to occur we need lower supplies. After the bottom has hit supply and demand graphs will resemble the markets prior to 2003. 2. People stop talking about real estate Foreclosures, the housing bubble and collapse won't be the topic of so many conversations. You won't go into the gym or a restaurant and overhear real estate horror stories. 3. Real estate isn't as … (109 comments)
foreclosures: 9 things to learn from this real estate bubble and collapse
- 01/23/09 10:41 PM
1. Real estate prices can go down BIG. I've been selling real estate for about 9 years now and throughout that time I have seen a flat market as well as the huge run up and now the collapse of prices. I think everyone knew that real estate prices can decline but I don't think too many people expected such huge declines. In some areas of Sarasota I have seen 50-60% declines in price. 2. Everyone can be greedy People from all walks of life got caught up in the greed of the buying frenzy of 2003, 2004 and 2005. … (12 comments)
foreclosures: The Foreclosure Snowball
- 01/21/09 06:56 AM
August 2002 - Jim buys a personal residence for $200,000 because he wants to own a home. 2003 - Home prices rise so Jim has more equity in his home. 2004- Home price continue to rise. Everyone is a real estate genius. Jim's house is worth about $350,000 now. December 2004 - Jim gets a line of credit on his home because he thinks that home prices will continue to rise and wants to get in on the action. After all, most of his friends have done it and are making lots of money. March 2005- Jim pulls $40,000 from his line of credit to put … (59 comments)
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