My New Blog

update on the market conditions
Still bad, but great if you are a Buyer! Interest rates have come
down a bit and we are seeing a little more activitiy. The most pressure on the market is in the under $200,000.00 price range.

 
Sellers are finding them selves competing with REO
(bank owned properties) which are priced under market value
for quick liquidation. Short sales have become a necessity for
many Sellers. This is where we ask the bank to agree to take less
for the home than is currently owed. We have had several sucessfull
short sales through our office this year. I am amazed at the banks
willingness to forgive large debts.

We are still seeing new forclosures here in Del Norte County of about 3 per month. Those usually go to auction , and require a cash payment for the whole amount bid. If you chose to purchase a home this way there are many risks and pit falls to be aware of, the largest being leins aginst the property. These are often in the form of second morgatages or tax leins.

At this point, it is important to consider the market as a whole , rather than focusing only on "forclosures".

It is important to have a good agent in your corner that knows the ins and outs of a complex market. Give Me (Robin Hartwick) a call today.