Amazing how fast real estate can change!
The Real Estate Market can switch gears quickly
The real estate market in areas I service has made some dramatic changes, and if there is one thing I do know, it will change again, and change again, and change again. You must be prepared and adapt as an agent to the needs and the best opportunities for the consumer.
We went from properties sitting on the market, prices dropping and low interest rates, to very little inventory, low interest rates, properties values rising dramatically in a short period of time, and multiple offers on homes.
We couldn’t get appraisals on properties not long ago what happened?
A few months ago appraisals on short sales AFTER short sale approval was a big problem. Appraisals right now seem to be far less of a concern. There were few to no programs available for financing besides fha (or government loans) and 20% down conventional to 3% down, 5% down, PMI, NO PMI to a new version of the 20-10-10 loan! AMAZING!
Important to hire someone that is IN THE market all the time.
Make sure you hire a real estate agent that has access, knows different markets and keeps their eye and ears in the game. It could cost, save or make you thousands of dollars. REMEMBER: the wrong decision, COULD set your family back decades!
I am having a tough time with my mortgage payment should I hold on or short sale?
I get this question a lot right now. The answer is going to be different per family situation. What I would say is this. Take a long term view to your situation. I personally believe if you like your home, like your area and in are struggling but can hang on…..STRONGLY CONSIDER making other adjustments in your life and hang in there, BUT realistically if you loosing your home, walking away from your home or any combination of…..GET IT ON THE MARKET! The lack of inventory is to a point that your home should sell and this will allow you to re-group, re-structure, and get back into home ownership faster. The BEST thing to do is usually the TOUGHEST thing to do and that is TAKE THE EMOTION OUT OF YOUR DECISION! If you can do that, you will have some clarity and clarity will put you in a great position.