Real Estate Market today and Foreclosures
Real Estate Foreclosures affect the current Real Estate Market
By Nancy Woodward
For many months now, real estate foreclosures have been on the rise. We hear this on the news regularly. The causes are many – a major cause was the creative financing in the form of adjustable rate mortgages which now are adjusting upward.
More than one million foreclosure filings were reported in the United States this year. That represents 42% more than the foreclosures reported in 2005. The increasing number of foreclosures creates an opportunity for Real Estate Investors but have a different affect on the current market trends.
In Atlantic County, New Jersey, most homes sold are ones that are priced right. This means the price that the buyer is willing to pay for the property today. For many homeowners this is not easy to do. It actually means the under priced homes are the ones selling in a reasonable amount of time.
The purchases represent those who plan to occupy the home. The market is much slower and the appreciation in homes will continue to be slower for some time. The day of swift appreciation allowing investors to sell the home quickly for a substantial increase are over for the moment.
Purchasing a pre-foreclosure property might be the right action for you to take if you have been considering buying a home and felt you could not afford to buy one. You can get a better value if you do your due diligence. Research the market before you begin.
Many investors, including myself, will offer a pre-foreclosure property at below market prices. This allows the investor to make money but still move property more quickly. If you are able to find one of these properties, you can get a good deal.
As usual, do your due diligence. Good luck!
By Nancy Woodward
For many months now, real estate foreclosures have been on the rise. We hear this on the news regularly. The causes are many – a major cause was the creative financing in the form of adjustable rate mortgages which now are adjusting upward.
More than one million foreclosure filings were reported in the United States this year. That represents 42% more than the foreclosures reported in 2005. The increasing number of foreclosures creates an opportunity for Real Estate Investors but have a different affect on the current market trends.
In Atlantic County, New Jersey, most homes sold are ones that are priced right. This means the price that the buyer is willing to pay for the property today. For many homeowners this is not easy to do. It actually means the under priced homes are the ones selling in a reasonable amount of time.
The purchases represent those who plan to occupy the home. The market is much slower and the appreciation in homes will continue to be slower for some time. The day of swift appreciation allowing investors to sell the home quickly for a substantial increase are over for the moment.
Purchasing a pre-foreclosure property might be the right action for you to take if you have been considering buying a home and felt you could not afford to buy one. You can get a better value if you do your due diligence. Research the market before you begin.
Many investors, including myself, will offer a pre-foreclosure property at below market prices. This allows the investor to make money but still move property more quickly. If you are able to find one of these properties, you can get a good deal.
As usual, do your due diligence. Good luck!
posted by Nan at 2:48 PM
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