Small Signs of Improvement in National Housing Market

By
Real Estate Agent with Warren Real Estate 40SA1150031

Some positive news about the housing market is starting to trickle in lately:  Marketwatch reports that the rate of existing home sales is up 5.1% on the national level, boosted by price discounting.  As a true sign of the times, the article states that 45% of the transactions recorded in February came from "Short" or distressed property sales, which have been averaging a 20% discount off current market values.  See the entire article here

If you are contemplating a short sale purchase, be aware of some of the myths and trends around these sales.  You may need more time to close the transaction, and the bank may not necessarily "give" the house away.  However, if you have the patience to get through the process, you may benefit by acquiring an excellent, under-valued property which will enhance your equity position, once you become the new owner.  Hire an informed agent to help you identify potential properties, and present your offer in the best way possible.  And be sure to have your attorney available for a thorough review of the contract.  There are many opportunities out there - it IS a great time to buy!

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Melissa Miller 04/06/2009 08:52 PM
Topic:
Real Estate General Information
Location:
New York Tompkins County Ithaca
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Real Estate in The Finger Lakes
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Tags:
short sales
ithaca real estate
distressed property sales
national housing trends

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Rainer
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Michael Cole
CPG Tours - Orange, CA

Hi Linda,

Thanks for sharing some good news. At that rate, I wonder how long it will take at a national level to clear the inventory of bank-owned and other distressed properties. I recently saw someones' post, and for their area, nearly half of all properties listed were distressed properties of some sort. Yet they accounted for 94% of the sales.

Regardless, good news is good news.

: )

Mar 29, 2009 03:10 AM #1
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Rainmaker
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Linda Santos

Realtor - Ithaca Fingerlakes NY Real Estate
So many questions - call me for help!
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