Buyers and Sellers are scared-what more can I say? We are all hoping that the end of the year also bring an end to our economy woes and everyone thinking "the end is near".
Luckily in El Paso and in the rest of Texas we are not feeling the crunch as badly as other areas.
I just got back from the Nation Association of Realtors convention in Orlando, and so many of the conversations were about short sales. We do not have many short sales in the El Paso, Texas real estate market ! Thank goodness.
Lenders are lending and we were told at the convention that for those that are waiting for the bottom to get there that WAKE UP we are at the bottom and when you are at the bottom, you can only go one way and that is BACK UP. If you are waiting you may wait to long. Homes are priced better than they ever have been and sellers and builders are giving lots of concessions. What if you wait for prices to go down and maybe they will some more, but what if interest rates go up, then the savings you thought you were making is now lost in a higher interest rate.
If you are going to buy, buy now. Nothing stimulates the economy like home sales. Look what happened to the stock market and that happens more often then reduction in equity in homes. Like I said above, there is only one way home prices can go now and that is back up again.
Get pre approved for a loan with a good reputable company and save up for a down payment. You can still go FHA with 3% down payment (I heard it may be going up to 3.5%after the first of the year) and with the sellers helping maybe you can get a seller to help buy down the interest rate and make your payments lower.
Active Rain Real Estate Network
You can find great local El Paso, Texas real estate information on Localism.com Patti Olivas is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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2 comments:
It's true that buyers and sellers are scared at this point. Aside from Texas, I think the most of the real-estate market around the United States is feeling the burn.
However, I agree that nothing stimulates the economy like sales. Consumers are afraid to invest their money, especially in a market like real-estate, even though right now is a prime time for buying a home if you are able to make the payments. A real-estate convention in Orlando, Florida, was mentioned above. There is a website, www.brchomes.com, that has a reputable homebuilding source, and has been in the industry for over 20 years. They provide aid for potential homeowners, while playing an active role in the ideal design of your house as well.
I believe you have already reached the bottom in the USA, now you can think about becoming ready for the twist :) Unfortunately here in Canada, we are getting into slowdown in last months. Sales dropped by some 35% here in Toronto - our sellers and buyers are just NOW starting to feel the taste of fear. On the other hand, I am sure this decline will be not so fast and shocking as it was in the USA, so we will not "enjoy" the panic...
Best wishes!
Julie
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