Distressed Property Buying Should Be Easier
Distressed property sales, namely short sales and foreclosures, should be easier in coming months. The painfully slow process of buying distressed property has turned many potential buyers off, unwilling to wait 6 months or more to close on a property that they intend on living in. Not many people have that kind of time, never mind patience!
The good news is that banks and loan holders have become seasoned enough that the process is becoming speedier. This means that real estate investors looking for deals can find them and close on them in a more reasonable time frame.
Whether a buyer is looking for a short sale or bank owned property (REO), the quicker time frame means that inventories can also be reduced, as more buyers will be drawn into the market. As inventories reduce, real estate markets will stabilize, a welcome change from the challenged real estate market we have been working in the past several years. In fact, Anthem, Arizona’s foreclosure inventory has slowly decreased in recent months. Couple that with the fact that holding times on short sales throughout the greater Northwest Phoenix area have declined in recent months, we are quickly moving to a more “normal” real estate market!
Everyone is looking for a real estate deal and today’s market conditions make it appear as if now is indeed the time to buy. Contact Sold By Myers today and let the team of David Myers and Kirsten Myers fill you in more about local market conditions in Anthem and North Phoenix. It would be a shame to look back in a decade and think, if only I had bought then . . .
from Bankrate - read “5 housing trends in winter 2012”
« Short Time Left To Use Tax Credit & It’s Not Just For First Time Home Buyers | Home | Storage, If You’ve Got It Flaunt It! »
Comments are closed.