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Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
According to a recent Article in REALTOR.ORG Magazine, we can expect another 2 to 3 years before markets are back in balance.
Sharp price discounts on today's distressed sale properties create a major drag on home prices overall, which typically sell for 15 -20% below market value. As troubled and underwater home owners are able to refinance, we will see some improvement in this area, which accounts for roughly 22% of mortgages today. Government programs that are aimed at helping struggling homeowners haven't been as effective as hoped, and program revisions are underway.
The best remedy for our ailing housing market is a stronger economy, although it isn't the only factor affecting the demand for housing.
New credit standards and downpayment requirements have allowed fewer Buyers to qualify for loans. Although good credit standards are a never a bad thing, Lenders have swung too far in an effort to correct past mistakes in lending practices.
For Buyers with good credit and a reasonable down payment, there are many bargains in the marketplace. Sellers who need to move might consider the benefits of renting their property until the market improves appreciably.
Atlanta Decatur Homes can assist Buyers who want to purchase a home while the market is down, and can offer professional Management Services for those interested in leasing their homes. Give us a call at 404-373-8924.