As a professional Realtor with over 24 years of experience, I have never seen so many bad news about my business put together and shown all over the media day after day after day. You will think that there is a conspirancy to drive us out of our business. I certainly have noticed the drop of phone calls, the lack of transit during open houses, the dissapereance of good, reputable real estate companies and associated and supportive service companies like title insurance, pest control, roofing, mortgage and others that depend on a healthy real estate market. But is it really that bad for everybody? Just as when the market was in the upswing, we knew that it will have to stop one way or another, we clearly see that it did stop and that is going nowhere right now... Or is it?
Despite the obvious slowdown, there is a very active and profitable real estate market going on right now in certain areas. We presently are working with several first time buyers. These people are using FHA loans with downpayments as low as 3.5% and low FICO scores, they are asking sellers to pay closing costs and help with their downpayments, they are taking full advantage of first time buyers incentives, low interest rates and the newly approved $8,000 Tax credit.
Yet, some of them still cannot find a house to buy! Because there are multiple offers on properties that just come on the market, some of those offers in my area below the $300,000 mark are being bid with offers as high as $40-50,000 over asking price. Offers with all cash, no contingencies, "as is" with a fast close of escrow. Unless these people read the papers daily they will not believe there is a real estate meltdown. They simply don't believe the other side of the coin that tells them is a bad market.
Investors are buying at lender's auctions blocks of real estate at bargain prices and then turning around and selling them quickly, those who don't get greedy turn those profits fast. These people are having a ball! real estate is alive and well and triving... in February 2009! These real estate buyers are primed to reap the benefits when this market turn around because it will. In the last few weeks we have writen offers on REO's and Foreclosed homes, and on short sales listings. Banks have learned how to streamline their flow of short sales and REO's to the delight of those Realtors who embrace the new ways and methods of buying and selling real estate.
At current prices, buying real estate offer investors and homebuyers one of the single best long-term investments today. Every coin has two faces, you must look at both sides, if you are looking at the side of a depressed market, don't panic, just flip it over... and over again until you get to see the face that you like. Then focus on the bright side and take full advantage of the wonderful opportunities available right now.
Antonio & Alexia Cardenas, "The Realtors In Motion" San Leandro, CA. Open Servind the beautiful cities of San Leandro, Castro Valley, San Lorenzo, Oakland and Hayward, Dublin & Pleasanton. Call us, we will come and TANGO with you. (510) 326-4263
Antonio & Alexia Cardenas
"The Realtors In Motion"
CRS, GRI, E-Pro Certified. SFR (Short Sales, Forclosure Resource) Serving the east shores of the San Francisco Bay, Alameda county: specially the following cities: Castro Valley, San Leandro, San Lorenzo, Hayward, Oakland, Pleasanton & Dublin.
Visit us on line at:
www.listedbyantonio.com or call (510) 326-4263
Call us, We'll come and TANGO with you!