Earlier this year I wrote a blog on "A Day in the Life of Showing Junky Bank Owned Properties" and boy.. am I glad it has nearly come to a screeching halt. Seems that the foreclosed homes are non existent now.
I love traditional real estate, but I am also accepting of whatever challenges the market brings, I will work it.
While nobody has a crystal ball, I am seeing glimmers of hope! I remember from June 2008- April 2009, I sold some multi-family homes in the Taunton MA area. At time, there were 91 multi family homes on the market in Taunton. Now there are less than 40!
Single family inventory has come down quite a bit too.
More and More, Lenders are working with their homeowner clients on loan modifications and short sales. This is why we aren't seeing the bank owned inventory. Though some believe we will see another run up.
First time home buyers are out in droves for well priced homes in good condition now. I am also not receiving nearly as many request to see the bank owned homes from first time buyers. I think they know that if they spend 100,000 on a house that needs 100,000 in work, they should just look at the 200k range. They know too, that the bottom doesn't matter. It is about affordability, and of course $8000 tax credit also helps!
The biggest challenge now is the number of short sale properties on the market and the challenge these transactions pose when working with the sellers bank. The process is unreasonably time consuming. The sellers banks want to see market time and normally will not accept the first offer.. so it seems. The trend I see is that the sellers lenders wants to see market time at the high price first. . this is definitely another blog.. I am sure this will work itself out as well.. I digress.
So will there be another run on foreclosures? Maybe, maybe not. It really doesn't matter.. the market is the market.
I will say what I like about the recent change in showing property is.. that I can see heating systems in operation, plumbing that actually works, not have to put Vicks under my nose because of the bank aroma, and I really like not having to worry about my clothes being torn on something. I also don't miss wearing boots and touching germ infested surfaces.
So for now, traditional real estate, for the future???
Lori Lincoln is a realtor/ consultant with Keller Williams Realty. She educates her clients so they can make good decisions.
Please contact her for a no obligation consultation.
Her service areas are: Taunton, Rehoboth, Seekonk, Somerset, Dighton, Assonet, Lakeville, Middleboro, Berkley, Dighton and other surrounding towns in and around Bristol County Massachusetts.
For An Entire MLS List of Properties for Sale in Massachusetts go to http://www.LoriLincolnTeam.com
and get your home value at http://tauntonhousevalue.com
email: LoriLincoln@kw.com
direct: 508-878-0917
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Taunton, Rehoboth, Attleboro Massachusetts, People make real estate agent choices every day.This time, Make the right choice-- an EDUCATED Consultant. http://LincolnTeamRealEstate.com MLS SEARCH
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Lori we still have a lot of foreclosures here in the DC area, a byproduct of all irresponsible purchases that occurred in the markets with the subprime loans. It is going to take some time for us to get them all sold but we are working on it. Our first time buyers are back in droves and the market is improving as a result.
Some have suggested that the banks are holding back on releasing their foreclosures in an effort to help stabilize prices and that these will be coming out in another wave to come. I have heard that from a vp working for one of the major banks. We'll see...
I have heard this too, Dan.
Thanks for your insight. I know that every market is local and different. I hear two. I hear it is ending, then I hear about a second wave. To me, it doesn't matter.. eventually, it will all be over.
You are right, but as they say how eventual is eventually? There are several opinions out there about the "second wave" coming. I am starting to believe it is true - that we are going to have a second wave. We'll see...