Friday, May 02, 2008

Foreclosure Update San Fernando Valley

Opportunities highlight buyers’ market

There is much hand wringing, gnashing of teeth and off-the-chart hyperbole by the media and everyone on the backyard cocktail circuit about the current condition of the housing market.
At the risk of sounding incredibly Pollyannaish, Los Angeles real estate will always be in demand, no matter where we are on the up- or down-cycle.

In fact, even with what we believe are sky-high home prices, real estate here remains a bargain worldwide and most likely will resume its upward march in value once this cycle ends.

Just think about what it takes to purchase a home in Tokyo, Singapore or London. And, where some people despair at the end of yesterday’s out-of-control sellers’ market, others perceive opportunity in today’s buyers’ market.

True, first we must help keep people in their homes, sort out the excesses of the past, root out the shysters, and in the end it would be better for all if the housing market was balanced —where neither buyer nor seller held a negotiating edge.

But after years of a one-sided sellers’ market, it’s about time buyers held some leverage and had more choices.

Remember, there is no bell that clangs when the market hits the top or the bottom, so trying to time it generally is foolish.

Here are just a few of the reasons it’s a buyers’ market:

Interest rates are fantastic, down around 5.5 percent and falling, but who knows how long that will last.

• Liar’s loans and no documentation loans gratefully are gone, but lenders are still offering mortgages, especially to those with steady jobs, decent credit and a down payment.

• Jumbo loans of up to $729,750 soon will be available, which could bring some buyers back to the market. However, jumbo loan at the amount will be gone at the end of the year.

• While even now there are examples of properly priced properties attracting multiple buyers, today’s sellers are most agreeable, willing to please, eager to fix broken stuff, open to negotiations.

• Homes that a short while ago were out of reach of many buyers’ finances now may be in the realm of possibilities.

• It’s not nearly as large as what some people believe, but the inventory of homes for sale offers some great choices.

Yes, it may sound like irrepressible optimism to say that now is a great time to buy a home, but it also happens to be the truth.

View available bank owned homes: San Fernando Valley Bank Owned Homes

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