Monday, January 30, 2012
With approximately a 12 month supply of residential homes for sale in the Lake City, FL area, prices are still low & will most likely remain stable for this year. However, because of the drastic drop in home values over the past few years, if you are waiting to see the market come back before you sell, it could be a very very long time.
Perhaps a better plan to consider would be to sell your home now, and buy your next home while price are low. You will loose some, but you will more than gain in the buying power of your money right now on the purchase whether upgrading or downsizing.
Also a option is to sell it as a short sale if you are underwater regarding the equity in your home. This will get you out of a high monthly obligation, most likely settle your debt, and free up your monthly resources. Even though your credit will be hit, if you rent for a year or two, and get back into something at today's prices, you would mostly likely be in a much better financial situation in a few years.
Thursday, January 26, 2012
Tuesday, January 17, 2012
NAR affordability index in the south is now over 200.
In other words the median income is double what it needs to be to buy the median price home
In the early 80’ the index was about 68 which meant the median I income was a little more than half of what was needed to buy the median price house.
THIS IS THE BEST TIME TO BUY A HOME SINCE NAR HAS BEEN KEEPING RECORDS
Monday, January 09, 2012
"Seems to be right on with my expectation for the market. Lots of sales, but more soft prices and shorts until we clear up the current economic situation that many home sellers got themselves into. Massive over-leveraged debt is no longer in fashion, and that sentiment extends even to the big banks. The federal government doesn’t seem to interested in austerity, but capitalistic corporations see the need to right-size before they capsize.
Some short sale trends I expect to see:
-We will start to see the major lenders and even some of the smaller lenders start to waive or reduce deficiencies, even on secondary homes and investment properties.
-For properties in markets that are still predicted to drop, we will see more lender incentives (cash to seller, simpler review processes, etc) to get shorts done.
-Modifications will really take a back seat lenders rush to de-leverage.
-The people that have gotten used to not making a payment for 2 years will suddenly find time has run out, and in these cases of severe delinquency, it will be almost impossible to modify, and may be almost as hard to short sale, as the banks will mandate their foreclosure attorneys to clear out bad assets as quickly as possible.
-2012 may be a bloodbath for the lenders, but it will bring much needed liquidity to the market, and will be a haven for Buyers, and hard working Realtors."
Short Sale Specialist,
Rockford Realty Group