Archive for March, 2008
Orange, CA Home Auctions Info & Market Update
To Schedule a showing for this property, please Click HerePosted: March 7th, 2008
Real Estate Update
Election Year Fantasies…….
Home Auction Musings Amid a flurry of Home Auctions, the real estate market is beginning to show signs of the underlying demand that will ultimately push prices higher again. Buyers show up by the thousands, looking for bargains. The bidding is fast and furious. Hundreds of homes sell in a single day. And yet, thousands of buyers don’t win the bids, and must wait for another day. When they (the buyers) start showing up and writing offers on regular homes for sale, we will have “bottomed out”. If you want to receive statistics twice a month, e mails me and I’ll put you on a special mailing list.
Fed Cut Rates Again Within a two week period, the Federal Reserve Board cut discounted rates by 1.25% in an effort to prop up weakening financial markets. This will act as a stimulus in several areas of the economy, including housing. Really good news for Buyers.
Foreclosures have spiked upward ….. in an unprecedented way. This is the first time that increase foreclosures action was not caused by unemployment issues. This wave is primarily caused by the “re-setting” of adjustable rate mortgages. Certainly many people lost their homes for other reason, but the driving force of this phenomenon was payment increasing dramatically. There are several factors which should smooth out the effects in the future, including the Fed Rate Cuts. Once this part stabilizes, we will see a rapid decline in foreclosure.
Home Seller’s Alert…… know that you are competing with the banks in the sale of your home. In some areas, over 50% of the homes for sale are bank owned or short sales. So if you don’t have to sell don’t try. Wait until the market shifts, which could begin to happen before the year in over. Feel free to call me to discuss strategies. You can rest assured that I will give you the truth about the market and what is best for you!