Tuesday, September 14, 2010
Friday, March 12, 2010
Looking for a “bank owned” home this weekend?
Getting in the arena of purchasing a bank owned home this weekend? Be prepared to make a fast decision and to pay as much as 10% over the asking price. Often times there are multiple offers on the particular home you’re interested in. Odds are, if this is a great home, in a great area, there will be great offers. You find yourself making a decision and your agent is telling you, make your highest and best offer, and make it a good one. Chances are….They are right. Go for it!!!! Home sweet home!
Monday, January 25, 2010
Roadblocks in the way of a Healthy Market
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Pam Truex
Truly committed to excellence.
Max Broock
275 S. Old Woodward
Birmingham, MI 48009
Dear Homeowners,
The two biggest roadblocks to get our market back on track are the competition from the foreclosures, many at absurdly low prices, and the imbalance of supply to demand. The number of foreclosures in the active listing inventory in counties around the country around the country are extremely high. Until there are virtually no more foreclosures to be sold, they will continue to pollute our markets as buyers set these prices as their expectations of the value for the neighborhoods where they are located. Our realtor community is the only source of resolution to this problem. They assist sellers to focus on getting their homes listed and sold at current market value. These sales will then be “so far back in the rear view mirror,” that they will no longer be in the pool of comparables which the appraisers must use...which often corrupts transactions on the (non-foreclosure) properties.
Pam Truex
Monday, January 18, 2010
Changes in the foreclosure market we foresee for 2010.
Changes in the foreclosure market we foresee for 2010.
Changes in the foreclosure market
we foresee for 2010.
By Rick Sharga
Senior Vice President, RealtyTrac Inc.
Overall, we expect an ample supply of discounted foreclosures to be available in 2010, but pent-up demand and record-low cost of ownership will ensure the best deals will be snatched up quickly by well-prepared bargain hunters. Most local markets won’t experience a double-dip in home prices during the year, but the prime buying conditions in place now may be gone by year’s end.
It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although the 2009 numbers haven’t been completely counted at the writing of this article, there will be somewhere in the vicinity of 2.8 to 3 million households in foreclosure. We’re likely to see more than this in 2010, with the number of homeowners in foreclosure probably exceeding 3.5 million, before the trend begins to reverse itself sometime in 2011.
we foresee for 2010.
By Rick Sharga
Senior Vice President, RealtyTrac Inc.
Overall, we expect an ample supply of discounted foreclosures to be available in 2010, but pent-up demand and record-low cost of ownership will ensure the best deals will be snatched up quickly by well-prepared bargain hunters. Most local markets won’t experience a double-dip in home prices during the year, but the prime buying conditions in place now may be gone by year’s end.
It’s likely that we’ll set a new record in terms of overall foreclosure activity for the fourth consecutive year. Over 1.3 million U.S. households received a foreclosure notice in 2007; over 2.3 million received notices in 2008; and although the 2009 numbers haven’t been completely counted at the writing of this article, there will be somewhere in the vicinity of 2.8 to 3 million households in foreclosure. We’re likely to see more than this in 2010, with the number of homeowners in foreclosure probably exceeding 3.5 million, before the trend begins to reverse itself sometime in 2011.
Saturday, January 9, 2010
First Time Home Buyer Tax Credit Extended with More
On November 9th, 2009, President Barack Obama signed on approving the First Time Home Buyer Tax Credit of up to $8,000 until April 30th, 2010. Anyone who has not owned a house within 3 years of the purchase is eligible. Existing homeowners that have lived in their home for the past 5 consecutive years and are purchasing another home for their principal residence may also be eligible for a $6,500 Credit. Homes purchased after November 6th, 2009 and before April 30th, 2010 will be eligible as long as closings occur before July 1st, 2010. Buyers must be 18 years of age in order to collect. With Mortgage rates at a historical low, combined with the supply of homes for sale, there has never been a better time to be a Buyer. The tax credit is just icing on the cake. If you are going to buy a house in the next year, Don't miss out on this opportunity!!
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