IN TODAY’S PROPERTY MARKET, NEVER HAS THIS SAYING BEEN SO APPROPRIATE.
According to the Fox news report of April 16, 2009, more homes are forecast to go into foreclosure. The figure reported is that 6 million homes will be in foreclosure before the end of this year.
On a positive note, interest rates have fallen to the lowest level in 60 years and the Obama tax plan will greatly benefit first time homeowners (any person not owning a home within the last 3 years also falls into this category). This together with the declining value of homes will make “the American Dream” of owning a home a reality to many.
As prices continue to fall, REALTORS should be more aware than ever of the importance of educating potential buyers and sellers. For sellers, PRICE THEIR HOMES CORRECTLY. Keep abreast with what is going on in your area. Learn from the agents that are Short Sale and Foreclosure specialists. Enable them to have realistic expectations when doing a listing. Check the comparative sales in the area within the last 6 months as market sales are still dropping. People are hurting and as professionals we should be a light at the end of the tunnel!!!