My wife and I have bought and sold several homes in the forty two years that we have been married. We have dealt with many personalities and attitudes with the representing agents. We had never prepared ourselves for the professional training and winning attitude that has been shown us by the team of Elgin and Pilar Walker.
John and Mary Ann Sprengelmer,
tips on homeowner ship

Plenty of reasons to get off the real estate fence BEFORE END OF 2012!

Here we are in October ALREADY, election is close, end of the year is close and we are all making decisions or looking to make decisions for the upcoming year.  If you are in discussion as a family on doing a loan modification or short sale, maybe you are thinking about walking away from your home.  Please take a look at certain “trends” we currently have going on.

First thing I will say is real estate is a local commodity meaning what happens in Montana, does not affect New York or what happens in Florida does not have direct impact in California, so as you  are evaluating, make sure you evaluate YOUR LOCAL MARKET.  In the areas I service in Southern California such as Valencia, Castaic, the  San Fernando valley and surrounding Los Angeles county  areas there are PLENTY MORE BUYERS THAN THERE ARE HOMES TO SELL.  I repeat, many more buyers than sellers!  If you are looking to sell what does that mean to you?

Regardless of if you are upside down, behind in payments, have lots of equity or whatever the  case, their is an opportunity for you to sell right now.  We have seen in areas I work between 10 to 15% growth from 2011 to 2012!  Needless to say we are still considerably off our record highs!  We are seeing plenty of well priced homes sell AT ASKING OR ABOVE ASKING AND DO SO IN  A MULTIPLE OFFER FORMAT!  This means there is definite opportunity!  Why are so many people looking to purchase now?

Easy answer.  We are at historical lows on interest rates for mortgages.  In addition if you qualify for a FHA loan you may get into a property  with 3.5% down on a 30 year mortgage with an interest well under 4%!  THAT’S CRAZY!  Why does that mean selling your property is good right now?

Well look at this. We are in an election year and regardless of who wins, in 2013 the interest rates on mortgages are going to rise.  How much I do not know, but I do know when they do, there will be less people that will QUALIFY for a home mortgage AND if additional inventory comes on the market, that will mean more competition for sellers which will have an effect on the market.  Will it be drastic? I have no idea, but do think so.  A BIG concern is if you are upside down and need to sell or behind in payments and need to sell.  The  current legislation both Federally and in my state expire at the end of the year.  My firm belief is they will be extended or revised to some degree, BUT WHAT IF THEY ARE NOT OR NOT DONE RIGHT AWAY?  That will have a BIG TIME effect on your ability to sell.

If you have questions on your specific situation feel free to email ehustle@elginwalker.com or call me 661.290.3781 to get straight answers so you may make informed decisions regarding your options.

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