Home values have dropped by 50% across the board from their highs
Foreclosures are still relatively high
Strategic Foreclosures are on the rise
Borrowing money is still difficult for most buyers
But the supply is low because banks are trying to work with or help people (too a degree) as well as stablize the market.
The question is will this simply prolong the agony (over a longer period of time) and or truly change the dymanics so that owning a home is no longer a risky venture.
No one really knows what the future holds, but it does not look as rosy as what the media wants us to believe or for that matter most agents. Buying a home is a long term investment once again, the days of flipping real estate (I think) are almost over....back to the basics!
Real Estate: The market is stagnant! What is happening in your market?
It wont be as bad as last time. Everyone is alittle better at handling bank owned properties these days, including the banks. Short Sales and REO's are going to be the major players for the next year or two. Prices have stabelized a great so I do not foresee this as troubling, it is just a fact of life.
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Kensington Realty Group is a unique full service residential and commercial brokerage serving Monterey County, San Benito County and Santa Cruz County. * REO, Short Sale, Bank Owned, & Foreclosure *
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