While you've been waiting for the housing market to "hit bottom" a few things have happened:
- The number of bank owned homes on the market in our area (Macomb County MI) have fallen drastically. This means that suppy and demand is now on the demand side of the equation. Want to buy a foreclosure? Get in line. There are hundreds if not thousands of buyers looking for foreclosures.
- There are multiple offers on the clean, well priced homes. Not only do your odds of purchasing the home that you and your agent found decrease, but odds are you will be paying more for the home than the list price in order to be the winning bidder.
- More homes subject to a short sale are now on the market in our area. Have patience if you want to purchase one of these homes. You'll need it. Plan on 60-120 days to hear back about your offer from the mortgage holder. You don't want to make an offer on a home subject to a short sale? I don't blame you. However you should know that this eliminates many of the homes on the market for you to view and consider.
- Mortgage program guidelines are even tighter and more stringent than they were 3 or 4 months ago, and I see this continuing to happen while the housing market shifts & turns and until it corrects itself.
If you want to keep waiting for the housing market to "hit bottom" that's ok. Please keep this in mind though:
We cannot predict when the bottom will hit. We can only inform you as to what we are seeing and experiencing now as we are out and about each and every day helping home buyers with the changes that are taking place.
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