Did you know that home buyers are taking advantage of the weak, real estate market? In fact, the current residential boom in America is the largest reversal since the Great Depression. The average time for home buying has increased from three years to just five years. And this five-year period is just beginning to pick up. The average time from purchase to sale has also increased to ten years!
According to the latest statistics, an increasing number of home buyers are choosing to buy in sub-markets where home prices have fallen in recent years. These buyers tend to be home sellers in areas with the highest rates of decline. For instance, home buyers in areas such as New Orleans or Las Vegas are taking advantage of homes that have decreased in value far beyond their fair market value.
One reason why these recent home buyers have been drawn to areas with a strong economy is the availability of jobs. Even though joblessness is widespread across the country, there are more jobs available in areas with low unemployment rates. As a result of this, home buyers are able to find homes priced below their fair market value. And, even those who were turned down by lending institutions are now turning to foreclosures to purchase homes.
As stated above, home buyers are choosing to purchase homes within areas that are currently undergoing the most rapid declines in prices. Because of this, many of these potential buyers are turning to the internet to locate homes for sale, rather than contacting local sellers. However, even though online listing services can help home buyers locate homes within areas experiencing the strongest housing declines, it is important for sellers to be aware of the impact that their listing has on their mortgage. Visit sell my home quickly to get more tips.
One way that sellers can protect their interests is by hiring a real estate agent who specializes in distressed or foreclosed properties. These expert real estate agents know the laws and regulations governing the lending and real estate industry and can help sellers obtain the best possible terms. While it is true that buyers are becoming increasingly picky when it comes to purchasing homes, savvy sellers can take advantage of this trend to increase the chances that they will receive a good deal. By contacting an experienced, trusted real estate agent, sellers can make sure that their lender offers the lowest loan term possible, which will reduce their mortgage principal.
Another way for home buyers to benefit from the current trends is to refinance their conventional loans. Because more homeowners are choosing to purchase a home with a fixed-rate mortgage rather than an adjustable-rate mortgage, many lenders are offering special rates and loan specials to first-time buyers. A prime example of a refinance option for homeowners is the possibility of refinancing with a no-cost VA home loan. VA home loans are backed by federal stimulus money, which eliminates the typical credit check that is required for conventional loans. In some cases, a VA home loan may even be less costly than a conventional loan with comparable terms. The key is for potential home buyers to do research to determine which refinance options are available and how much they will cost. Check out also who buys fixer uppers with cash for further details.
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