I Want a Bigger House... I Want a New House... I Want a Blue House...

By
Real Estate Agent with RE/MAX Preferred

Those were the days...

When people who were tired of their homes for being to small or too old or not in the 'right' neighborhood could have a change of scenery in the blink of an eye and maybe even make a little money to buy a plasma or new furniture for the new home.  Housing prices were rising and homes were selling.  It was easy.

The market shifted and investors took note.  They entered the market in droves to check out all the new foreclosures and to buy a few properties.  Anyone who had ever had a passing thought about rehabbing a home inquired deeper.  Some bought.. some didn't.

Then we had the first time home buyer credit and the government and media joined forces to promote homeownership... do it now and get a prize!  Save our economy!  First time homebuyers caught on and others followed.  The market shifted. 

It actually worked out pretty well with investors rehabbing homes and first time home buyers buying them since the rehabbed homes were routinely the only ones on the market in move in condition.

And now the present... most people these days move because they have to.  This usually includes a life change like a new job, divorce, death, newly married, new baby and not enough bedrooms, retirement, job loss, health etc.

Banks expect more from a buyer now in terms of credit score and allowable ratio's.  Interest rates are lower than we may ever see them again and it's a shame not enough people are able to take advantage of refinancing or purchasing because of job loss, reduction in equity or credit score.  House prices are declining.  It's not so easy.

The good news is homes are still selling and buyers are still buying... just with a new twist.  It can only get better.

 

 

 

 

Comments (1)

Valerie Baker
Exit Real Estate Professionals - Spokane, WA
Spokane Realtor

There are so many people stuck in their homes right now!  Not sure where this is going, but I am trying to keep optimistic and am ready for the floodgates to open! :)

Aug 17, 2010 09:51 AM