Have you heard the old saying: "A recession is when your neighbor loses his job...a depression is when you lose your job." Yeah, that used to be kind of funny until we all found ourselves in a position where we had to decide between the two. Face it, we are all in one category or the other these days. This saying comes to mind … [Read more...] about Is it a Recession or a Depression?
I recently worked with a Buyer on an REO (bank-owned) transaction. Her budget was tight so we had been slugging it out with all the other bargain hunters here in Gilbert to find a great home at a great price. Because we hoped to close the deal sometime in 2009, we decided to forego short sales and that left mostly REO's. It … [Read more...] about What As-Is Really Means – REO Buyers Beware
I recently posted about the zombies of real estate - the short sales. At the opposite side of the spectrum are the foreclosed homes, commonly known as REO's (Real Estate Owned) or homes owned by the bank. REO's are being listed at very competitive prices and often sell in a matter of days. In many areas, the majority of homes … [Read more...] about Bank-Owned Homes – Selling like Hotcakes!
Short sales are the most misunderstand real estate transaction out there. A short sale, or "pre-foreclosure" sale occurs when the Seller is selling the home for less than what is owed to the bank, or banks, if there is a second mortgage on the property. The transaction can only take place if the bank (or banks) approve the … [Read more...] about Are Short Sales Worth It?…The Zombies of the Real Estate Market
As a Realtor, I get asked lots of real estate questions. The question of the day is most certainly "What do you think of the Obama's Homeowner Bailout Plan?" And I have to say, it is not an easy question to answer. There are so many levels to the current housing situation, and effects from other areas of the economy that will … [Read more...] about Homeowner Bailout Plan – Good, Bad or Ugly?
The Housing and Economic Recovery Act of 2008 authorized a $7,500 tax credit for qualified first-time home buyers - those buyers who have not owned a home in the last three years. The homes had to be purchased on or after April 9, 2008 and before January 1, 2009. Although the $7500 would be fully refunded when you filed your tax … [Read more...] about First Time Homebuyer’s Tax Credit – Update
In an effort to bolster the US economy, the Federal Reserve has lowered the prime rate several times over the last few months. But Fed rate cuts don't always translate into lower mortgage rates. Today, rates are falling, but that trend will reverse if investors conclude that the Fed's monetary stimulus, combined with Congress's … [Read more...] about The Fed cut rates…why don’t mortgage rates follow?
Prices have declined, interest rates are low and there is a LOT of inventory to choose from. So why aren't more Buyers jumping on the band wagon? With all the negative press these days, who can blame them. I actually heard a news story that compared today's real estate market to the Great Depression! The Great Depression was a … [Read more...] about Now, That’s Depressing!