When the housing market crashed in 2008, it was a tough time for America. Now, five years later and 16 million foreclosures later, people are ready to put their faith back into real estate. With a few factors to keep in mind, buyers can scope excellent deals.
HOME, RENT PRICES INCREASE
The American home market has seen a significant turnaround recently. National home prices have been on the rise for eight straight months and jumped 6.3 percent since June 2006, according to a December 2012 article published in The Fiscal Times. Some state realtors are reporting that more than half of homes are getting multiple bids.
But don’t be afraid of a potential bidding war.
The national median price for a home is now $189,700, up from $180,0,00 in mid-2011, according to the National Association of Realtors. The good news is that most buyers are still getting a deal. Only 10 percent of them paid more than the asking price; about half of them paid 95 to 100 percent of the asking price; and 17 percent of them paid less than 90 percent of the asking price, according to BobVila.com
NOT ENOUGH RENTALS
It’s an unfortunate reality for those who’ve been squatting in their parent’s basements, but it’ll be hard to find apartments to rent.
According to the National Association of Real Estate Investment Trusts, about 3 to 5 million people – mostly in their 20’s and 30’s – are getting work, moving out of the family home and renting. Just as these millennials start enjoying their newfound freedom, they will quickly realize the increasing cost of rent. It’s a simple economic formula. When the supply is low and the demand is high, costs will inevitably increase.
Again, it’s a wonderful sign for the economy, but if you’re looking for a bargain, it’s wise to contact a realtor right away. Recent data from the Federal Housing Finance Agency states that bargain-basement foreclosures are fading out. Sales of these types have lowered to about 11 percent in June 2013, which is a big drop from its 28 percent in March 2011. So what is exactly to blame?
“In part that’s because the FHFA, the Federal Deposit Insurance Corporation, and banks have been selling off hundreds of distressed home loans in bulk to purchasers who agree to work out new terms with borrowers rather than simply foreclosing,” the Fiscal Times article states. “Foreclosures have also dropped because the equity position of thousands of borrowers has improved with rising home prices, righting many upside-down loans.”
Waterman Real Estate has built a reputation providing clients with the highest level of customer service. Our staff has decades of experience in the business, under the leadership of Andy Waterman, who’s been named one of the best in the business, including National Realty’s Rookie of The Year and was National Realty’s top producing agent for 9 years in a row.
Personal attention is the foundation of our approach, and every client receives tailored services that not only inspires trust and confidence, but also ensures a successful and satisfying real estate transaction. Buying or selling real estate is among the most important investment decisions you may ever face; you deserve nothing less than a professional agent who will be available to you whenever you need them, address your questions and concerns honestly, and present advice and guidance that always looks out for your best interest.
Whether you are searching for a primary, second or vacation home on the Space Coast or are looking for the perfect Brevard County Real Estate Agent to market and sell your home, you can trust a service that values professionalism, discretion and integrity.
Waterman Real Estate
2390 Minton Road
Melbourne, FL 32904
Phone – (321) 215-2100
Fax – (321) 215-2106