Mortgage interest rates have never been this low and home prices have fallen to their lowest point in many years and appear to be stabilizing. Buyers who were priced out of the market in the past now have a great opportunity to get the cabin of their dreams. In reality, it's the chance of a lifetime not to be missed. So what is the problem? Where are the buyers?
In talking to local real estate agents in the North Georgia Mountains most can't remember a time when rock-bottom interest rates and affordable prices converged in such a way.
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Where are all the buyers?
Please don't remind me of the headlines about the still-iffy economy, European debt crisis, government overspending and the oil spill which are dominating the news. Let's not forget 10% unemployment and lingering uncertainty about the future.
Other factors may include folks' inability to sell the homes they have so they can buy new ones. Then there's tight credit, banks are demanding higher down payments, credit scores and lower debt to income ratios. Buyers' credit and debt to income ratios continue to be a problem in bringing contracts to closing. It is no wonder the housing market is still all bound up. Also buyers are waiting for the perfect time to buy even though history has proven time and again that timing the market is difficult at best.
Foreclosures continue to dominate the market it is not uncommon to get multiple offers on deeply discounted vacation homes. Just last week I submitted an offer on a foreclosure only to find out 4 other offers had been submitted.
Buyers are having second thoughts?
Uncertainty of the future - that is the reason real estate agents hear most often from wary buyers, Many Vacation Home buyers know that there are exceptional opportunities to buy at deep discounts. However, it seems to be uncertainty of the future, and to a lesser degree, market timing that is holding them back.
The recession started with the bursting of the housing bubble until housing recovers the economy will likely continue to sputter. Housing led us into the recession; housing may well need to lead us out. So long as foreclosures are dominating the sales of existing homes price will continue to deteriorate.
Everyone is afraid of buying a house only to see it loose value in the first couple of years. Buying a house was once viewed as more than just an investment; it was "The American Dream" and the yellow brick road to financial security. Unfortunately, the "American Dream" has lead to financial ruin for far too many.
Jobs-or the lack of them-is also a major contributing factor to the economic crisis. Construction of new homes and finding buyer's ready willing and able to buy them may well be the key. The poor housing market has cost thousands of jobs for the construction industry and manufacturers of material needed to build a house.
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