With the summer moving on, we are moving into the busier season for Real Estate. Visitors that are considering buying are now winding down their vacations and focusing more on Real Estate. This is why we have seen more showings and offers in the past two weeks than in all of July. This has been a typical pattern for many years now.
Sellers are lowering prices in an effort attract those buyers and get an offer. With interest rates so lows and seller motivation high we are seeing a nice third quarter rally.
There is still a lot of inventory which will continue to keep prices down for at least another 6 to 10 months. At least.
The market is seeing a steady stream of Short Sale Properties and Foreclosed Homes coming into the maket place. I predict that this will continue for some time to come in our market.
But that is not really such a bad thing. The market is great for the investor and first time home buyer. Look for deals on rentals and that first home you never thought you would have been able to afford, well now is the time and USDA 100% loans are available to
low income families whose household incomes (1 to 4 people) do not total more that $78,000 dollars. . HUD also has a Home Buying program for those who qualify.
So it’s not all bad news. After all, every cloud has a silver lining..
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