This time of year is so invigorating. Not only are we emerging from a long winter of high gas prices and gloomy weather, but also one of the worst housing slumps in recent history!
The last month has been full of changes. Banks are coming to terms with the reality on the street….folks are NOT willing to pay too much for a house in this climate. Prices are actually competitive in many foreclosure markets and buyers are competing with each other for first dibs on a hot property.
It’s an exciting time to be buying and not all deals are showing up in the foreclosure market. Arm’s length transactions are also available if you find a homeowner who hasn’t used his home as an ATM machine and actually has equity in a home that he’s owned for more than 5 years. In this area, some of the more mature communities with established hardwoods are wonderful places to get a great price on a home. A home that is 10 to 15 years old, many times fairly updated, can have tremendous character and allow for a much more flexible deal to be made.
Buyers, now is the time to come off the fence. On your mark! Get set! GO!