Sharon J Kelly agrees that now is the time to buy 2010 Real Estate in Port St Lucie
January 5, 2010 by admin
Filed under Buyers, Current Events, Foreclosure News, New Homes, Short Sales
The jumbo mortgage market will probably see some programs re-introduced, but underwritten more conservatively with larger down payment requirements. No income verification programs may return at premium rates, but from sources other than conventional lenders. No asset verification problems are unlikely.
The market should pick up early this year and slow by summer as government incentives end and pent up demand is satisfied and/or rates go up. Then, I expect a steady market through the end of the year with a typical seasonal fall and winter price fluctuations.
The inventory of good properties is likely to increase this spring, but I expect a shortage of good inventory. Buyers will be fussy or sit it out until the right property becomes available at the right price.
That should lead to some appreciation and bidding wars, then flat values, maybe even a price rollback in the fall-winter market.
Most lenders won’t dump foreclosures onto the market. They’ll be slowly released or sold in packages.Rules for short sales will become more standardized.
Mortgage guidelines will tighten then relax. Some may become specific to certain types of markets.
Mortgage workouts will be practiced by attorneys that master them. Most lenders will modify only as a last ditch effort to save money.
Interest rates will go up, but probably not as high as many are predicting, possibly due to government intervention.
Financing will be available to those that meet traditional “pre-boom” underwriting guidelines and have the credit score, down payment and job security lenders want to see.
Some seller financing is likely to become more prevalent, especially toward the higher end of the market and in the small multi-family and investment property market.
Residential buyers will buy because they need a long-term place to live and want to control their own environment and costs. Investors will buy for the long term to lock in today’s rates.
2009 seemed like a wild ride on a big, long roller coaster. I don’t know anyone that was sad to see 2009 end. Unless we have a major economic or military surprise this year, I expect that 2010 will be more like a ride on the kiddie coaster. There will be ups and downs and we will hit bumpy spots along the way, but we’ll adjust. People will continue to buy and sell real estate for the same reasons that they have for centuries…….and the debate over where prices will go will continue, especially on this blog.
Sam Schneiderman, Broker-owner of Greater Boston Home Team shares what he expects to see on the job in 2010.
