I began my career in Real Estate in 1993. I'm currently the Chairman of a 9500 member association. I love what I do!
Marc, I'll take a stab at "WHY" its a good time to buy...let's see. It's a good time to buy because: 1) Interest rates are close to a 25 year low. (NAR or any mortgage company can supply that info!) 2) In most markets home prices have dropped by at least 15%...homes are "ON SALE" if you will. (homes is Phoenix, Las Vegas, San Diego and Detroit are at least 30% below historic 2006 highs) 3) The surviving lenders have money to lend. (Lenders and govt want to keep confidence high by continuing to lend, but with more stingent guidelines!) 4) There are tons of foreclosures and short sales in the market place. Since banks are less likely to be emotional about homes,there are deals to be made (in markets like Vegas 72% of the homes sold are REOs) And finally...I predict that this trend will only last for the next 18 to 20 months and after that the market will make a huge come back. So my advice to anyone thinking of buying is "buy now before the market rebounds!" And for my seller clients who "HAVE" to sell...I tell them that "PRICING IS THE KEY!" For anyone else who does not "have" to sell, I suggest they wait until the market rebounds in order to get the highest price. Fortunately, I'm in Austin, Tx and our prices increased by almost 4% last month. We're an anomoly! Always Remember...Live Well, Laugh Often, Love Lots!!! Socar Chatmon-Thomas
It is my understanding that the mortgage company "COULD" file a deficiency judgement against the homeowner. In today's world, more mortgage companies are filing deficiency judgements. Foreclosures actually affect their credit, but short sales may or may not it. It really depends on how it's reported by the mortgage company. Hope this helps! Always Remember...Live Well, Laugh Often, Love Lots!!! Socar Chatmon-Thomas Chairman Austin Board of Realtors
