Is anybody ready to get back into the game? Do we have any newcomers?
I know it is a turbulent time for Real Estate but I haven't heard anything contrary to what I have been pointing out for several months now. I believe it is time to get back into real estate.
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I spent three hours today in a seminar regarding Short Sales and even there, with all of the information pointing out that short sales will be a part of our current market for two to four more years at least, maybe more. But, what I didn't hear is that the housing prices will continue to decline. It just means our sellers for the next two to four years are basically going to be the banks. Honestly, now that the prices have dropped to a six year low by some statistics, I think if anyone is going to get as much value out of a home it will be the loss mitigation department of the banks. They are ruthless and unsympathetic. Which means they will get absolute top dollar. It wasn't as easy at first for the banks to be choosy when marketing foreclosures but now the stage has been set over the past twelve months or so and the banks have pretty much reset the whole market. They have set the bar and are ready to deal whether it is a short sale or foreclosure they are in control to a point and slowly but surely those prices will begin to inch their way upward as they realize they can make more money if they just hold out a little bit longer. This is especially true on the short sale end which is becoming a much stronger share of the market and I can see a trend over time, before it is all over, of short sales overtaking the number of foreclosures available on the market. There are more and more realtor's getting educated on the short sale process which means you will see more and more short sales and eventually less foreclosures.
Remember you heard it hear. Now is the time to get back into the game of real estate. I don't think it will get much better than this.
Thanks and please come back soon.