Have we hit bottom?
November 2, 2007 by Gordon Corsie · Leave a Comment
Buyers continue to be cautious, understandable, but have we hit bottom as far as prices are concerned? I am not sure of that yet, but I will say that gradually finally after several months, buyers are beginning to come back to the market. More showings and more offers on properties in the valley are being written, albeit at lower prices that sellers hoped for. CNN reports that there are still 7.5 Million sub-prime loans whuich are set to adjust over the next 2 years so it will be a while yet till the market stabalizes.
I am told that in 2008, 9 out of every 10 sales will be a short sale ie; a property on which the loan amounts are higher than the value of the home. To this end it may be a good idea to begin now to negotiate with your lender if you know you will be in this position. Your lender will already have a dept and specialists installed to negotiate with you. You can always contact your Realtor and have them do this on your behalf.
Check homes for sale at www.thescotsman.com
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