As I wrote last month, home prices have spiked. This is due to at least 2 important factors: 1, limited supply of homes due to banks not foreclosing and 2, a backlog of buyers that have been waiting to buy but can’t find one to buy. These 2 important factors are likely to continue at least for months and maybe years but we’re really not sure how long.
Most experts agree that are recovering economy is still fragile. Joblessness is neither recovering quickly, nor is it declining rapidly. If joblessness spikes again, many home buyers will no longer be qualified to buy.
Banks are now foreclosing at a higher pace for a few reasons. Mainly, banks are interested in recovering a higher value for real estate. Banks are hiring agents to sell bank-owned property at a higher pace now to take advantage of the improved home pricing. Banks are pretty smart sometimes.
And if you own a home, it may be like your own bank account – and may be time to cash out! Contact us today online or 805-236-BAD1 and let’s set up an appointment.