Many people are choosing to hold off on buying a home choosing to rent feeling that the real estate market hasn’t bottom out, according to a UF study the Florida real estate market has stablized and bottomed out. Still the demand for apartments and home rentals are in big demand with the lack of buyers who are still sitting on the sideline.
Fannie Mae now is giving incentives to home buyers facing foreclosure, if a buyer sells home as a short sale or deed in lieu they can now be eligible for another Fannie Mae backed loan after two years. Another reason for home buyers to seek a short sale rather than just letting to go to foreclosure is the impact foreclosures has on your credit score.
For buyers looking for 100% financing help is on the way for the USDA rural loan program who was scheuled to run out of money needs approval of the US House of Representatives to approve HR 5017 – the Rural Housing Preservation and Stabilization Act of 2010.
To find out what’s going on in the mortgage world and the mortgage rate forecast check out lendarama.
You may be asking yourself with all these reports of homes going into foreclosure, where are all the REO listings in the real estate market? Why don’t we see them available to buy, are the banks strategically holding back homes not to flood the market and bring down the prices even further?
Danny Nappi is a real estate professional in Tampa Florida You can contact Danny via Facebook, Twitter, or chat live via Skype
{ 8 comments… read them below or add one }
I personally think that this is the best time to buy your own house. I mean, everything is below value. You should not wait until the economy is better, unless, you know, you yourself are in a pickle and can’t buy one.
The real estate market is still full of uncertain factors. Of course, with the downturn of the economics, perhaps this is a proper time to invest in real estate these days.
With the housing market still unstable, I don’t think a lot of people can still afford to buy their own. Although the prices are seemingly low, for those who can afford, some are still thinking the possible costs of buying these houses instead of buying a new one giving consideration the possibility of damages and renovation that a new owner would go through. Still, there are also other advantages one has to consider in buying short-sale houses.
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I definitely think it is a great time to buy right now. Are we at the absolute bottom on pricing? Probably not. But with the combination of low prices and low interest rates it really is a great time to be a buyer. Like you mentioned above there are also a ton of incentives available as well.
According to the real estate market review the business is growing faster and so is resulting into the rise in prices. So simply it would be wise to make early investment in real estate.
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I have to agree with both Michelle and Jeff, because investing on real estate is always a great idea. The market value of a real estate property increases annually, so this is really a great investment.
Rent will always be a good option in a down market, but when you start to see the average time on the market drop for home sales you will see the prices stabilize. I have seen this in Florida already, so it might be time to start looking for that dream home!!
Short sales are usually the better route as opposed to foreclosure, however, both sides have to be able to wait the time needed for the banks to approve the sale. A carefully compiled short sale package, including a quality hardship letter, are key to making this process run as smooth as possible.