These past couple of weeks or so there seems to be a bit more interest by Buyers. Everyone is seeking a bargain, of course, but enquiries about different types of properties have come across my desk with more frequency.
I'm mostly hearing from three types of Buyers: Those working on a limited budget, those seeking foreclosed properties and those seeking investment properties.
Budget conscious Buyers are doing their homework - getting their mortgage pre-approvals in order before the search begins. There is so much inventory right now they have choices. Banks are hungry for their business if they are qualified Buyers. The Coldwell Banker Mortgage division is very competitive and many locally based banks (those not caught up in the flim-flam mess) are doing a relatively brisk business, too.
Foreclosure bargain hunters are a mixed-bag. There are those looking that know that some properties that may fit their needs might just happen to be foreclosures. Others are under the impression that banks are giving the properties away. Not so. Fair market value still rules. That is why banks, once they take over a property, have it appraised and then put into the Multiple Listing system ASAP. They, like every Seller, want the most attention given to a property as possible. Those late-night infomercials offering "special lists" of foreclosed properties are, for the most part, print-outs of multiple listings information and/or lead-ins for taking courses to "make it rich with no money down" in today's real estate market. Right! Switch channels and the same company may be selling potato peelers or Commemorative Inaugural Coins.
Bottom line: Foreclosed properties sell for market value, often need work and rarely are move-in mansions selling for pennies on the dollar.
Next are the investors. Unlike the "investors" of the 2000-2006 era, these are serious, practical folks. They are seeking both residential and commercial types of buildings and there is plenty for them to choose from. Those contacting me are given the "Rule of Ten" talk (see past articles). For the first time in several years, I am again advising my clients to look at investment property.
The one question that each type of Buyer asks me is this: "Should I wait until spring to see where prices go"? My answer is this: By following this method of buying a home or investment you may be waiting until a lot of other Buyers make their move. If you have the ability to buy now, figure what you think the market price may be in 4-6 months and make an offer based on that. A savvy Seller just may say, "Yes".
I'm mostly hearing from three types of Buyers: Those working on a limited budget, those seeking foreclosed properties and those seeking investment properties.
Budget conscious Buyers are doing their homework - getting their mortgage pre-approvals in order before the search begins. There is so much inventory right now they have choices. Banks are hungry for their business if they are qualified Buyers. The Coldwell Banker Mortgage division is very competitive and many locally based banks (those not caught up in the flim-flam mess) are doing a relatively brisk business, too.
Foreclosure bargain hunters are a mixed-bag. There are those looking that know that some properties that may fit their needs might just happen to be foreclosures. Others are under the impression that banks are giving the properties away. Not so. Fair market value still rules. That is why banks, once they take over a property, have it appraised and then put into the Multiple Listing system ASAP. They, like every Seller, want the most attention given to a property as possible. Those late-night infomercials offering "special lists" of foreclosed properties are, for the most part, print-outs of multiple listings information and/or lead-ins for taking courses to "make it rich with no money down" in today's real estate market. Right! Switch channels and the same company may be selling potato peelers or Commemorative Inaugural Coins.
Bottom line: Foreclosed properties sell for market value, often need work and rarely are move-in mansions selling for pennies on the dollar.
Next are the investors. Unlike the "investors" of the 2000-2006 era, these are serious, practical folks. They are seeking both residential and commercial types of buildings and there is plenty for them to choose from. Those contacting me are given the "Rule of Ten" talk (see past articles). For the first time in several years, I am again advising my clients to look at investment property.
The one question that each type of Buyer asks me is this: "Should I wait until spring to see where prices go"? My answer is this: By following this method of buying a home or investment you may be waiting until a lot of other Buyers make their move. If you have the ability to buy now, figure what you think the market price may be in 4-6 months and make an offer based on that. A savvy Seller just may say, "Yes".
