Today’s home sales and market condition 

Some may think that this is a “tough” or “down” Real Estate Market.  The truth is, its definitely a buyers market.  Home prices are at an all time low, due to people losing their homes to foreclosure or short sales.  

Since the drop in prices of homes, sales have skyrocketed.  More people are realizing that they can purchase a home, even though the market seems to be bad.  The Government and President Obama are working constantly with homeowners to help save their current home, as well as working with buyers to help them purchase homes at an affordable rate.   The Government is offering grants to people who qualify.  

The Market has been at a point that most agents haven’t seen in years.  There are hundreds of bank owned properties out there that are being sold for less than what the homeowner owes on the loan, called a short sale.  Most of these homes, as well as other homes on the market have numerous offers on them, making it more difficult for an individual agent to get an accepted offer because most of the offers are not even coming close to the asking price of the property.  If a house isn’t being shown or is sitting on the market for a long time, chances are it is priced to high.  As a homeowner its natural to want to get the most for the place you call home, but today you have to consider if its worth it to have it sitting for months and months with no showings and or offers, or to take less than what you are thinking you could get for your home.  What benefits you best in the long run.  As a buyer, most of the banks and lenders will not qualify you, unless you have an outstanding FICO score and income, have a cash offer handy or offer as close to the asking price as possible.   

Once an offer is accepted, it can take up to 60 days to close escrow.  This is because homes are being appraised lower than what the initial asking price is, causing the home to possible fall out of escrow.  This is very common in today’s market.  This makes for delays in the transaction, because the buyer can then come in and submit another offer for higher, and just play the waiting game.   

We are beginning to see a brighter side to things, with the recent drop in Mortgage rates.  Mortgage rates have recently neared an all time low, at 5.04% for a 30 year fixed rate loan.  The lowest we have seen in years.  This will make it much easier for homeowner and new borrowers to afford their payments, in spite of what they may be going through financially. 

The Government continues to make conscious efforts to improve today’s Market condition is, with the help of tax credits, FHA loans, etc.  Most homebuyers are not aware of the benefits out there to help them purchase a home or on how to save their current homes.   

There are many professionals out there who can help you, no matter what your current situation is.  Speaking with a tax professional or realtor today, can help you to become more knowledgeable on the options that you have and to see if you qualify for such benefits.