5 Myths about Today's Real Estate Market

By
Real Estate Agent with Godzyk Real Estate Services
http://actvra.in/ltX


Today's Real Estate Market not only inspires questions from both home buyers and sellers, but seemingly everyone who is concerned with today's economy. Yesterday for instance when i headed to lunch, the conversation always seems to drift towards peppering me with questions about the Real Estate market in and around Manchester NH. People want to know if short sales, foreclosures and bank owned homes are taking over the market.

I get quoted with so many news stories from print and television that are exaggerated or just plain wrong that it inspired this blog. 

 
 
THE TOP 5 MYTHS ABOUT TODAY'S REAL ESTATE MARKET

1. THE BANKS ARE NOT LOANING MONEY
. It is not entirely true, banks are indeed loaning money. The majority of the mortgages are FHA loans which do have higher standards than a conventional loan but offer many advantages such as only 3.5% down and the seller can pay the closing costs.

2. I AM GOING TO WAIT TO BUY BECAUSE PRICES ARE STILL IN FREE FALL. This is not entirely true as well, a lot of area's have stabilized and some have even started to increase in value ever so slightly. This is a state by state question though. Some areas are still experiencing a decline, however there are just as many that have come up from their lowest points such as here in NH.

3. SHORT SALES ARE TOO DIFFICULT TO USE TO BUY OR SELL A HOME WITH. This is one of the largest myths. Everyone hears the horror stories about short sales taking 6 months to a year but no one hears about the short sale that only took 3 weeks for me to get approval and 4 1/2 weeks to close. The truth is a short sale only goes as well as the listing agent is expereinced in the listing, negotiating and selling of short sales. Banks are easier to work with these days, they are receptive to short sales. The banks however have no tolerance for incomplete short sale packages or agents who price homes way below market value to attract more buyers. Choosing a local agent who is well experienced can assist a home owner to sell if they owe more than the house is worth or if they are behind in their mortgages. They can also help buyers who have some time and patience to get a great deal.

4. BUYING A BANK OWNED HOME IS TOO RISKY. Purchasing a bank owned home opens up huge potential to get a larger home at an incredible price. A buyer can limit their risk by using a buyer broker who is experienced with bank owned homes to guide them. Not all bank owned homes may be right for every buyer. Some may need to much work and are only great buys for cash buyer. Some banks will repair the major items and you can get a bank owned home that is ready to move in and still be able tio get it at a great price.

5. YOU SHOULD NEVER BUY A HOME AGAIN - THE AMERICAN DREAM IS DEAD. I hear so many stories of how home prices will never increase again, that the dream of being a home owner is dead. I hate to be the bearer of bad news for the doom and gloomers but this is not our first recession. Prices often go up during boom years to fall during the slow down and rise again. The most common buyer of a home right now is a young couple who are buying their first home. The second most common buyer is an older home owner who owes little to nothing, they can sell their home and move to what they consider their retirement home.

The common thread is that a house is not an ATM to be used to withdraw the equity that is supposed to protect your family for the future. The older segment of the population grew up with the dream of buying a home, paying your mortgage and saving whats left for their family to live a better life. If you have the American dream of buying a home, that opportunity is alive an well. Interest rates are at all time lows for the last decade. Prices are affordable. Inventory is down (NH markets are seeing 30% less homes for sale right now in some areas). Everyone should ask their parents how many wished they bought a house at the prices when they were your age. In 1-2 years in most area's, everyone will be saying why didnt i buy when prices were so low?    


A buyer needs every advantage they can so they can make an informed decision whether now is indeed the right time to buy for them.

If you are looking to buy or sell a home in New Hamhpshire, please call us first. We strive to provide the best in personal and professional service through each step of the buying and selling process.  

We offer * FREE *  BUYER REPRESENTANTION - ask us how we can help you buy a home here in New Hampshire. (*please contact us for details and conditions*)

PLEASE SEE SOME OF MY MOST POPULAR BLOGS

 
 
ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.



 

close

Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Sharon Sapp 02/26/2012 09:18 AM
  2. Winston Heverly 04/15/2012 08:05 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Real Estate Market Trends
Location:
New Hampshire Hillsborough County Manchester
Groups:
BananaTude
POSITIVE ATTITUDE for the Weary Soul
SOLD... We list to SELL and here's the proof
The Art Of Marketing You
"Whacked"!!!
Tags:
best
realtor
real estate
realty
godzyk
scott
new hampshire
nh
manchester
bank owned
short sale
foreclosure
report
advice
tips
selling
buying

Comments 14 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the foot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
980,933
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

Al you hit that on the head as rates moved ever so slightly but it is a sign of the times. As sales increase, rates will rise. Thanks for the comment.

October 19, 2011 09:24 AM
Rainer
28,345
Jayson Holland
Jay Holland
RE/MAX

Good post. Enjoyed reading. Thanks!

October 24, 2011 06:09 PM
Rainmaker
52,183
Sharon Sapp
For Old Fashioned Service with Today's Results!
Century 21 Gold

Good post. I'm going to reblog it to get the word out. Too may people believe everything they hear!

February 26, 2012 09:19 AM
Rainmaker
639,746
Winston Heverly
GRI, ABR, SFR, CDPE, CIAS, PA
Winston Realty, Inc.

There are to many buyers for me to handle in a price point of 300k and less. Properties under 100k forget it there is not enough inventory.

February 26, 2012 10:58 AM
Rainmaker
1,079,639
John Pusa
Your All Time Realtor With Exceptional Service
Sellstate Pacific Realty

Scott - Thank you for sharing detailed quality information on five myths about today's real estate market.

February 26, 2012 12:13 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the house to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
980,933

Scott Godzyk

One of Manchester NH's Leading Agents
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Sales, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.