The Wall Street Journal had this interesting factoid in its latest article on
home sales, “About 45% of the 4.68 million in April sales were foreclosures and short sales.” So, that means if any families recent moved onto your street, the odds are good they got a great deal on their new home!
According to NAR economist Lawrence Yun, “Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the mid-price ranges, but high-end home sales remain sluggish.” Which means people are more likely to purchase a bargain home in Santa Ana or Anaheim than they are ritzier parts of town like Laguna Beach or Irvine.
The WSJ goes on to outline all the reasons it’s easier to buy a home now, than has ever been before:
“Lower prices, combined with historically low borrowing costs, have increased affordability. The average 30-year mortgage rate was 4.81% in April, down from 5.00% in March, Freddie Mac data show. Realtors also hope demand is stirred by the $8,000 tax credit for first-time home buyers included in the Obama administration’s economic stimulus package.”
So, what are you waiting for? Contact a HAFA certified short sale agent now!
Minda Reves is a freelance writer for SHORTsense.com