I spoke to a neighbor who is trying to purchase a house. He says that everything he has looked at already has multiple offers already written on it. So, happy dance, there are buyers out there, and apparently quite a few of them.
Unfortunately, the houses he is looking at are priced at $80,000. Less than half of what they would have sold for before the crash. So it isn’t much of a market recovery.
At least someone is buying up those repos and getting them off the market. The market isn’t going to recover until they have been absorbed.
There are still good prices to purchase. Possibly, with multiple offers on everything, the banks might start raising their prices a bit.
the last 2 houses I put offers in on both ended up with over 10 offers (one had 17),I’m about to catch up and need to have my next project in the pipeline,but I’m having a tougher time finding the kind of deals I’ve been getting (Dallas suburb)
Yep, and foreclosures are down overall as well…there’s plenty of cash buyers out there buying deals, but getting end-buyers qualified for mortgages is still tough…the lending market is still tight…
Saw a report yesterday where the gov’t is trying to pass legislation requiring buyers to have at least 20% down. Not sure if there will be any difference for VA loans or not. If this actually passes, I’m positive we’ll have to hold on to our personal residence as a rental for a long time. We were hoping to put it on the market in the next few weeks. I’m in the process of repainting all the bedrooms neutral colors.