Clip Taken From my appearance on Fox Business "CAVUTO" April 25, 2009 responding to the latest housing numbers. Due to time constraints, some of the information below was not provided.It is important to know that buyers are out there looking for deals! Over-priced homes are sitting but motivated Sellers are finding success. The largest number of sales are found in the low-end price ranges but there is recently more movement in the over 1 million market on homes priced aggressively!
Although nationally, home sales are down, in the Western region of the U.S. , sales continue to soar with sales volume 18.9 percent higher than March 2008! Lower prices, historically low rates, a first-time home buyer tax credit and a new home tax credit on purchases of NEW HOMES in California, are some of the contributing factors to these results. Business is booming for Wells Fargo who just announced they are hiring 5000 people due to the increased demand. They reported recently that volume has doubled what it was in the 4th quarter of 2008!
About 53 percent of the sales in March were distressed sales. With the banks so overwhelmed, buyers in many cases (such as when a seller is awaiting the bank to approve a short-sale) have to wait months for a response from the bank. Perhaps if the bank were able to process these properties faster, the number of sales would also show even more improvement.
I am hearing about unbelievable opportunities in California, in Arizona and Nevada. For those that have cash or can qualify for a loan, this is the time to go out and buy. Having said this, be careful and do your homework before you buy any property. There are still over-priced homes out there so you need to have someone with experience in your area of interest to advise you. And there is no point of buying something if you can not sleep at night because you overextended yourself. Buy what you can comfortably afford because you can always move up to a better situation later.
If you need assistance to find a realtor in your area of interest call me. I have found agents for buyers across the country or call your local Coldwell Banker office. I also have a list of questions you can ask of any realtor. Go to my BUYER & SELLER page.
Best regards,
Connie
About 53 percent of the sales in March were distressed sales. With the banks so overwhelmed, buyers in many cases (such as when a seller is awaiting the bank to approve a short-sale) have to wait months for a response from the bank. Perhaps if the bank were able to process these properties faster, the number of sales would also show even more improvement.
I am hearing about unbelievable opportunities in California, in Arizona and Nevada. For those that have cash or can qualify for a loan, this is the time to go out and buy. Having said this, be careful and do your homework before you buy any property. There are still over-priced homes out there so you need to have someone with experience in your area of interest to advise you. And there is no point of buying something if you can not sleep at night because you overextended yourself. Buy what you can comfortably afford because you can always move up to a better situation later.
If you need assistance to find a realtor in your area of interest call me. I have found agents for buyers across the country or call your local Coldwell Banker office. I also have a list of questions you can ask of any realtor. Go to my BUYER & SELLER page.
Best regards,
Connie
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