Some markets like Phoenix are experiencing bidding activity on short sale and foreclosed homes. I have seen this first hand in showing and writing contracts for multiple clients. Homes are still low in prices similar to what we saw in 2001. Do we see these bidding wars as a sign of turn around in the market or just that the "good ones" are few and far between and therefore desirable by many?
I have definitely seen the market activity increase over the past few months. Right now may be the best time ever to buy that new home! Low housing costs compared to income generation have an extremely favorable ratio at this time and while interest rates are still low you may find now IS the most desirable time to buy or upgrade your home.
If you are waiting around to buy until the market hits bottom-- I think such market conditions such as bidding wars where I have seen up to 14 contracts on one property, prove if you wait any longer it may just be TOO LATE! If you factor in that prices may still drop a little more, but on the chance that interest rates go up, your "deal" will long be history.
For information on the top 10 HOT buys in the area you are looking call The Jen Team for more information.
No comments:
Post a Comment