Are You Prepared To Ride The Housing Recovery & Opportunity?
According to the Obama Administration’s October (2012) housing scorecard and “[…]the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010” (Erika Poethig, assistant secretary for policy development and research at the Department of Housing and Urban Development) as well as numerous other sources, we can confidently say we have a recovering housing market. Even Warren Buffett, deemed as one of the greatest investors of all time, is bullish on the US housing market recently purchasing multiple real-estate brokerages including Prudential and his partnership with Brookfield Asset Management, a Canadian real-estate investor, to more than double his size of his brokerage business.
Our housing market is rebounding slowly due to various factors such as tight lending practices, fluctuations of supply & demand, and just the general current economic health but it is on its way to recovery. Will you be ready to secure your next home investment and cease this opportunity?
Clear Capital exposed a sobering point: “Prices are 37.6 percent below the peak. This means a home bought for $200,000 in 2006 would be worth somewhere in the range of $124,800 today.” (source: dsnews.com) Prices were up 4.6% annually in October and as I have stated multiple times in previous articles, prices will not rebound in a U-shape but rather similar to a NIKE symbol. Concurrently, mortgage interest rates have remained at all-time lows with the latest report from Freddie Mac announcing a 15-year fixed-rate at 2.66% and 30-year fixed averaging 3.37%.
The opportunity is there and will be there for some time but are you preparing yourself to be able to jump on the bandwagon of nationally appreciating housing values?
A recent report shows that 23 percent of consumer mortgage requests were turned down by banks and I know from several sources around the Washington state that it is increasingly difficult to obtain a loan due to the fact that mortgage rates are so low that they aren’t incentivized to generously hand them out to just anyone.
Here is how to prepare: If you have a low credit score and/or want to prepare your credit situation to qualify for loans for your next home purchase, by the end of this article, talk to a Lexington Law credit specialist. I have personally researched and found them to be the absolute best company to work with in rebuilding credit scores. Here is a direct number provided through the short sale blog for a free consultation: 888-586-6113 or you can apply through their website.
I haven’t yet short sold my home. Should I still contact them?
Whether you are current on your mortgage payments, delinquent on payments, are in pre-foreclosure or already short sold or lost your home to foreclosure, it is in your best interest to contact a credit specialist right away especially if you plan on borrowing again and riding the opportunity of the recovering housing market.
In any of the above situations, if you are looking into pursuing a short sale, contact our experienced short sale experts in Washington State for a free consultation provided by Seattleshortsaleblog to plan the best option for your financial recovery.
Hope this helps