Real estate in the aftermath
Commentary: Visions of the post-downturn housing market
By Inman News, Tuesday, September 16, 2008.
While the latest stage in the housing market cycle has been particularly vicious -- a prolonged downturn scarred by broad economic troubles -- the dust is bound to settle.
And when it does, the landscape for buying or selling a home may have a different look and feel.
Inman News wants to hear your views on real estate in the aftermath: What will the housing market look like at the end of this downturn?
Enter a comment below or click here to e-mail the editor.
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Submitted by Brian Quilty on September 16, 2008 - 3:10pm.
The real estate landscape of the aftermath may look like a very boring list of properties, indexed at many websites around the world, including a new global MLS.
Many of the list items will be available to bid on via online auctions. 2008 has been the first year when more houses became available at online auctions, than land. Land was the natural beginning of the online real estate transaction because of the reduced due diligence required. Now because of the prices, the required due diligence on certain houses at online auctions has diminished. Presently this applies to the least expensive bargains, but more expensive bargains will soon be more palatable to online real estate investors.
Seller financing will become more prevalent, as will companies that facilitate the private lending (Richard Branson recently started: virginmoneyus.com)
So the real estate landscape of the aftermath may look a lot like the online land auction website of today, Landbidz.com http://www.landbidz.com . Quick discount cash sales or easy financing!
Submitted by Wenceslao Fernandez Jr, BS, Realtor, CDPE on September 16, 2008 - 9:49pm.
Haven't we speculated enough?
www.MiamiRealEstateKing.com
Certified Distressed Property Expert
Miami-Dade County, Florida.