Thursday, January 10, 2013

What to expect in the Housing Market for 2013

The price increase is because Fannie Mae and Freddie Mac are raising their foreclosure prices. Yes, that will mean the bottom came and went, but that does not mean the traditional seller is going to sell if they try to put a high price tag. Buyers are still few and far between and the banks are strict. Inventory is down, but buyers still won't purchase from the pool, if it doesn't have what they want. It is still the great deals that are selling. Buyers think automatically that means it's a foreclosure or short sale and that's not true. If you're willing to buy a home built and purchased before the bubble, those are the sellers who can sell at a reasonable price and are not upside down like the foreclosure homes. From a real owner/seller you get a general warranty deed instead of a limited warranty deed or deed under power. There are many other pluses, so if you can get a home rather than a house, you'll be better off on many levels in many circumstances. Of course, a professional that knows the market you want to purchase in is your first and foremost decision. Even more so if you are shopping foreclosures. But, before you even do that - go to the bank to get pre-approved, unless you have cash. Mary Lynn - link for story below

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