Typically, the summer months lead to lazy days and a slow down in the realty market. In today's market, a "slow down" specifies the marketplace as an entire and financiers and professionals alike don't want to even think of more of a decrease than experienced throughout the previous year!
Great news?
This is most likely the oddest realty year ever. Well, at least the oddest I have actually seen because I have been in the business of property. And that quirk could prove to be a bonus to the property market as a whole.
Properties that have actually been on the market for over 100 days as well as those that have actually simply struck the market are being chose up at an infuriating pace. Upon a closer look of the Charleston, SC market, the houses going under contract are both bank owned as well as independently owned. Some residential or commercial properties are actually bring 100% of their list rate suggesting the market and need are finally reaching a meeting of the mind.
As I see it:
- Banks are working with house owners creating a decline in foreclosures. The magistrate auctions are down to 3 pages rather of 6!
- Banks are establishing more strict loaning requirements. No more buying a house without a job Mr. Joe Public.
- Banks REO pipeline is open flowing now. No more waiting 3-6 months to close on an REO property.
- Banks REO prices is aggressive; in many cases rates is below market in order to produce a bidding war which in turn corresponds to a greater prices for the bank.
- Average Seller, seeing their next-door neighbors home going under agreement, are noting and selling their properties at a more sensible price.
- Buyers are fiscally familiar with what they are purchasing and the worth of that purchase. Markets alter and a low buy now is a tool for increased equity in the future.
- Consumers as a whole have more confidence in our economy and understand that real estate remains a practical source of financial investment for aliexpress coupon codes the future.
Do you see what I see? The predominate financial factors effecting the market are controlled by (can it be?) the "ones" that created this entire mess in the first place? * sigh *.
It is real, the loosening of the REO market has actually increased sales. While investors are still fighting for their share of the market within the loaning organizations it is the Buyers who are finding their way through the process. Sort of like a reorganization of the factors that drive the market.