I have daily conversations with people asking me should they wait until the massive wave of foreclosures hits and causes a downturn in the market? And I always answer the same way. You have to make the right decision for you and your family, but No! We all have long mem
We do know that there are 2 things coming. 1) The lifting of forbearance and 2) the eviction ban will eventually be lifted. Homeowners in forbearance will likely fare pretty well. The housing values will largely still outpace the amounts delayed in their mortgages. They should be able to either start making payments or sell at a reduced profit. Small investors, though, are likely to suffer the greatest hit. With rents not being paid, mortgages can't be paid. We could definitely see an uptick in investment property hitting the market. What we do not anticipate is enough foreclosures to hit the market to create a shift to a buyers market from this very lengthy sellers market.
From a simple numbers perspective, here in the Jacksonville, Florida market we had 3221 homes actively on the market the morning of August 9. 2021 in the NorthEast Florida Multiple Listing Service (NEFMLS). Considering that number should be closer to 10,000 or 12,000 at any given time, for am even market we have a long way to go!
So, if you are thinking about waiting until the market turns before you buy, now is a good time to reconsider that decision. We don't really see a reason to expect housing to become more affordable in the near future.
Author:Lesley Vitel Phone: 904-534-8052 Dated: September 16th 2021 Views: 268 About Lesley: I grew up in Plano, Texas. Got my degree in Computer Engineering from Texas A&M and spent 10 years ...
Lesley Vitel has been serving the needs of both home buyers and sellers in Florida for well over a decade. During this time, she has acquired the crucial skills necessary to guide anyone through the process of finding the home of their dreams or getting out of one that is no longer meeting their needs.
This tech "savvyness" is just a sample of the knowledge and assistance they are capable of providing you as a client.
Lesley is very familiar with the area. She is able to take into consideration the neighborhoods, schools, crime rates and local market conditions during the process of finding the right home for you. All too often, people move into a beautiful home that is in the wrong location, and Lesley will use her skills and experience to make sure that does not happen to you.
This professional understands the value of consistent communication. Many real estate agencies fail to return important phone calls or give valuable that clients need to know. Lesley understands that you have expectations and are embarking on a life changing journey, and she strives to make herself and her staff readily available to answer questions and keep you properly updated throughout the entire process.
Online marketing is crucial in the age we live in, and most home buyers search online first for the home of their dreams. Buyers and sellers alike will be pleased with the capabilities Lesley Vitel makes available online.
If you are in the market for anything from traditional condos and single family home sales to short-sales, foreclosures and auctions, then you have found the right place to take care of your needs. Lesley and the rest of her staff are continually sharpening their real estate skills and would be pleased to share their knowledge with you.
COULD NOW BE THE RIGHT TIME FOR YOUR FAMILY TO CONSIDER A MOVE?Call me
"Lynn and Lesley are the team you want. Their professionalism and expertise are second to none. Ok so now that I have said what every testimonial says, here is the more heartfelt version. They are amazing. This is a difficult market that changes from month to month if not more often. In the last year, the rules and complexities of buying and selling have changed repeatedly. This is not the market of your mother and father. Fannie Mae/Freddie Mack REO’s and short sales now dominate the market. It is no easy task to keep up. Who own the house in the case of a short sale? Do you know how long a short sale takes? Do you know if you need a refrigerator to close an FHA loan? You would be foolish to attempt to buy a short sale or foreclosure property without Lynn and Lesley’s knowledge of the market. And by the way, buying new construction is no less complicated. As with so many things in life, being a good agent is an art form. Some people ‘get it’ and others don’t. Buyer’s remorse is the last thing you want. They will listen to you even when you don’t know what you are saying. Their ability to get the job is unparalleled. So what are you waiting for, your new home isn’t. Call them!"