The “now is the time to buy” mantra has worn pretty thin over the last few years. With all the talk of foreclosures and shadow inventory, its a rallying cry that still rings hollow for many even though we currently have low interest rates, tax credits, and the lowest prices many areas have seen in years.
At the same time we’ve seen move-up buyers disappear from the market. Unwilling to sell because they think their house is worth more than they can currently get. And unwilling to buy because they fear prices might fall further. But reality is their house won’t rise in value while the one they want falls. And unlike the first time buyers and investors that this market has come to rely on, move-up buyers have the least to lose if the market did fall further… as their current home would fall in value in that event anyway.
In August 2009 the Federal Reserve approved an extension to the Term Asset-Backed Securities Loan Facility (TALF), committing funds to support asset-backed securities through March 2010. In November 2009 the Federal Reserve announced they would not extend the TALF past March so we may find interest rates rising shortly. In addition, move-up buyers may also benefit from current housing tax credits that will also disappear in the months ahead.
So while I believe short-sales and REO’s will be with us for years to come, dont’ forget that two-thirds of homeowners in California still have equity, still have jobs, and may not be in the house of their dreams, the school district of their choice or as close to work as they’d like. There may be a short period of time, right now, where the rallying cry of “now is the time to trade” actually makes good sense. Don’t miss the window.
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- Government Housing Support Calculated Risk has an excellent breakdown of government programs to support housing. As everyone knows there has been a massive…
- Outlook for 2010 and beyond Given the depth of the Great Recession’s impact on the housing industry, most insiders are hoping for that long-awaited economic…
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Getting Short Sales Approved
Jan 29
Posted by Greg Fielding in 4 | No Comments
Short Sale Experts Wanted
HousingStorm.com has launched a new blog focused on what it takes to get short sales approved. Agents can share resources, tips, and stories. Civilians can share experiences and learn what to expect in their own short sale experiences.
The site is http://gettingshortsalesapproved.com
We are looking for contributors to help make this the most complete, helpful short sale resource on the web. You can imagine that, with lots of you contributing, this can be one spectacular site and something we can all be proud to be a part of.
Signing Up is Easy
Getting Short Sales Approved is an example of a Group Blog…which is a simply a blog that members of the group can contribute to. By joining the group, you will become an author for this blog. Easy as pie.
As we start getting more content, we’ll be putting together a short sale weekly newsletter, which will pull generate from the blog’s RSS Feed. Meaning, that your great contributions will be promoted each week.
There is also a forum associated with this group and I would encourage all of you to participate. Judging by how many short sales there will by in 2010, this blog and forum should be very popular.
There is also one new cool feature that you can use with this group and blog: Group Documents.
If you have any documentation that the group and/or visitors could benefit from seeing, you can upload it and it will show up in the blog sidebar. Check out the letter that I uploaded.
Let’s work together to make this a great short sale resource!
You guys are AWESOME! Keep up the great work.
And, please…if you know of others who might be able to make valuable contibutions to this site, please forward this message to them and let’s get them involved.
Talk with you soon,
Greg Fielding
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