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We speak with clients on a daily basis. Most are interested in obtaining an answer to the question of if it is the right time to buy or sell a home. We always answer with “It Depends…” Some real estate sellers lack the equity to move forward with an Equity or Standard Sale. But, they may be in line for a short sale. However, in order to have a short sale completed they are going to have to recover emotionally. Prices are up in specific Santa Clarita City markets – I do think we have not hit bottom though. The question of selling as compared to when comes up. If you are looking to get out while the getting is good – now would be that time.
With regard to whether now is the best time to buy? Without sounding like most of the other Real Estate agents on-line, I would say that interest rates are hovering around 3.5%. FHA still allows for a 3.5% down loan, however that carries with it PMI(property mortgage insurance). Inventory is horrible for the buyers in the world that are FHA or VA and are in competition with Cash and Conventional Buyers. click here for our Latest Market Reports
Shadow Inventory is not Legend. It refers to more housing with foreclosure activity and in distress. That “housing” is not on the re-sale market, yet. Eventually it will have to be. The question of the day is when will that be? There are a few factors to look at when answering this question. Watching the real estate news from reliable sources we are watching as the banks are “stream lining” their short sale processes. Moving homeowners, that are in distress and wanting to short sale their homes, along like a pesky child asking too many “nonsense type” questions.
We are also watching as the Foreclosure inventory has started to become vastly depleted from the re-sale arena. However, that is a temporary situation. I opine we will see more inventory in the next few months. Interest rates will fluxuate as they typically do, but to see a rise, that would kill our present “Buyer Confidence”. The powers that be need that “buyer confidence” in order to continue to grow.
Those that have been on the fence when it comes to whether they should short sale or not are about to get kicked off of the fence. They are either going to have to short sale or potentially face getting taxed on the difference via a 10-99. Whether they short sale or allow their home to foreclose after 12/31/2012 – that could be their fate if the Debt Forgiveness act of 2007 is not extended.
Rumors that some of the big banks and GSE’s are going to sell off the remaining foreclosure inventory at Bulk Sale would further reduce the market prices and increase inventory.
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