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Real Estate News You Can Use
2008-10-27
Gwinnett is on Sale!!
Don’t miss this amazing sale with pricing and interest rates at amazing lows! For 10 consecutive quarters we saw home sales decrease. However, reports and statistics are indicating that many markets have reached a floor and some are even beginning to see increased sales. During Q3 2008, Gwinnett saw an increase in pending sales (offers) in our under $200k market with 393 contracts in July, 418 in August and 452 in September. This consistent climb indicates a positive trend and the September number is the highest since July ’07, when we saw 449 contracts written in this market followed by a tremendous, 12 month long drop in activity. The under $200k market in Gwinnett currently represents approximately 60 – 65% of current home sales. Activity in the other price points has finally flattened out, which is also an improvement as it looks like the slide has reached the bottom. Bank and corporate owned properties, which are frequently offered at rock bottom prices account for a great deal of the increase in contracts, as do homes which offer the best value with low prices and exceptional condition.
Conditions are right for us to begin the climb with money from the rescue plan entering the market, falling oil prices are bringing lower gas prices, low interest rates, the election is about to be behind us, new home inventory is coming in check, and new lending programs are emerging to stimulate home sales. Job creation and employment numbers will still be an important variable in the timing of a true upturn. Yet, this remains a great time to consider adding investment properties to your portfolio. The rental market is booming, and a great return on your investment. There are many advantages to owning investment properties, and it still remains one of the most effective means of building long term wealth.
2008-10-05
From Bailout to Rescue Bill - What Does It Mean? Now that the Rescue Bill has become law, when will we see the benefits? Most experts are saying that it will take three to six months before we see the impact of this new law. More important is what we don't see - economic collapse. Whether real or imagined, most experts agree that we were headed for an economic disaster without this bill. It is important to remember that this is really only the first step in correcting the problem. With the promise of stabilization, we should now demand a real solution from our leaders.
It will be very intersting to see how the government places value on the mortgage backed securities they/we will now own. The value of real estate is determined by what the market is willing to pay. Until we get more buyers offering and closing on homes, this will be a difficult task. Hopefully this can be done soon and a floor established, so we can begin our climb back out of this deep valley. Something to keep an eye on is auctions, as they have been gaining in popularity with sellers and buyers alike. I expect this to continue while the market finds footing. Auctions offer sellers the potential of reduced market to sale time and good value for the buyers. There has even been talk of the government using auctions as a way to determine fair market value.
Bottom line - it doesn't get much more interesting than this with each day bringing a new twist or turn. What a great time to be in real estate! Having a problem solving nature, I get bored very easily with status quo. This market demands excellent skills in problem solving, creative thinking and a constant thirst to find new and innovative ways to meet clients goals. Putting a sign in the yard and listing on local MLS sites is just not enough, and buyers demand a great deal more time, effort and research to feel confident that they are making the best decision. Once an agent finds that perfect home for his or her buyer, then he or she must look to make sure that it can't be beat. This step is often necessary to give the buyer the confidence needed to move forward with an offer. Hopefully, this rescue plan will help buyers feel more comfortable with entering the market and getting those deals!
2008-09-29
House says "No" to $700 Billion dollar bailout. What happens next? Will the Fed lower rates later this week? Obviously, there are many more questions than answers and certainly no shortage of drama. Is it realistic to expect a full and final solution to such a colossal issue in a matter of days? It took a long time to get into this mess. One would think that it will take some time to get out.
Mortgages are still available, but you need to be in good financial health. If that is you, congratulations now is your time to take advantage of historically low rates and unbelievable bargains. If you happen to be on the downside of financial health, do not worry. Take this opportunity to begin your correction. Talk to a mortgage or other financial professional to find out how you can most effectively impact your financial health.
As for the end of the story, I guess we'll all have to wait and watch together.
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