Mortgage rates are low… but people see them beginning to rise. The fear of higher rates will force potential buyers to make purchases. This surge of sales could allow homebuilders to drastically beat earnings estimates in 2011. Optimism, is beginning to surge among those whom have been waiting, and waiting for a great entry point into the housing market.

Having looked at a mortgage rate chart dating back to the early 1900’s housing is the most affordable it’s ever been.

Recent data released showed that JP Morgan, Wells Fargo , and Bank of America had a combined market exposure of over $20 billion in various stages of foreclosure.

The lenders are simply in over capacity and are managing best they can since “foreclosuregate” hit the presses. How these companies will manage their assets will continue to be on the forefront as the rating agencies will continue to scrutinize these companies debts and balance sheets.

New loan applications continue to crawl and are adjusting due to seasonal demand in the housing markets. The good news for those whom are able to buy a new home are in good position to take advantage of the lower rates and lower housing prices.

The Triangle market of North Carolina has slowed and we continue to see some price reduction sellers. Some sellers still refuse to lower their price and will likely continue to see longer days on market or not sell at all. In the end we there are many opportunities for both buyers and sellers to navigate the current housing market.

Courtesy of Jeff Dicks Real Estate

June Real Estate News

For many the market continues to be challenging. This video is informative and may aid you or those you may know of.

Brought to be Jeff Dicks & Marc Iafrate of
The Capital City Real Estate Group

The notion of buying a foreclosure for many is enticing. What you haven’t heard is many believe they can walk right into the foreclosure market and buy thier dream home. The reality of course is much different. Homes in this segment are often neglected and in some cases vandalized by the previous owner or other party. One must be patient and whether your an investor or looking for that great bargain it’s best you work with a Realtor who has experience and guide you through the process.

Jeff Dicks furthers career with prestigious Certified Foreclosure Agent professional training course offered through Agent University.

                                                                                                       Immediate Release

Raleigh, North Carolina  27609

Jeff Dicks of Coldwell Banker Howard Perry & Walston has successfully completed the comprehensive Certified Foreclosure Agent specialist training course offered through Foreclosure.com, earning a prestigious designation that is reserved for the top real estate professionals in the industry.

” The Certified Foreclosure Agent Specialist distinction among Realtors is an indication to the professional community that  Jeff Dicks has met the rigorous standards of professionalism,expertise,objectivity and integrity in the field of distressed property and related consulting disciplines,” said Foreclosure.com Director of Education,Linda Yates.

Dicks joins the growing ranks of trained foreclosure-selling agents nationwide who are moving more properties more often despite soft market conditions. In fact, distressed real estate sales, which include foreclosures and short sales, are big business in today’s current market, accounting for 35 to 40 percent of transactions in the second quarter of 2009, according to the National Association of Realtors (NAR).

And the Certified Foreclosure Agent program- with it’s intensive training and testing process-is leading charge to educate agents, as well as connect with multiple buyers in their areas.

To embark on the career-changing journey, prospective applicants must first be licensed Realtors in their respective states. Implicit in this requirement is that the Certified Foreclosure Agent maintain at least a minimum number of hours of Continuing Professional Education(CPE) each year and conduct him or herself within the ethical mandates established by the profession.

Foreclosure.com also requires Certified Foreclosure Agent’s to obtain at least 12 hours of CPE each year in areas related to distressed property and/or foreclosure investing.

More recently, and ever growing we face the challenges of closing transactions in the Triangle due to the rising trend of Short Sales. Foreclosure properties having been in a short sale position is also trending higher.

A recent survey by a well respected market prognosticator for the Wake County real estate markets staed of the 41 market segments at 300k in the area, only 4 a balanced supply/demand. 37 of those had an 11month supply and prices are seen as going lower.

So, what does all this mean for the homebuyer and seller? No, different than buying stocks market timing is nearly impossible. The market bottoms and then prices rise to be simply put. When this will occur is anyone’s guess.

The fearless should be cautious and the cautious fearless. The bottom line is their are plenty of bargains for those whom couldn’t get into the housing market a few years back. Now is your opportunity. Sellers have to be realistic about their expectations. Recently, I was looking at a home for my buyer priced at 269k and the same floorplan and several sales in the area was showing this home to be valued more like 229k.

Now that’s are haircut. Mr. Buyer wants to pay the lower and Mr. Seller waits ……and more and more frequently I’m seeing these sellers finally give up and give the keys back to the bank.

The good news is were seeing an emergence of networks beginning to move in and assist both the lender and seller for a reasonable resolution and the seller can still leave their home with some dignity intact.

If your selling your home and your facing many uncertainties, contact a professional Real Estate Agent with the credentials to manage and has a network of professionals to navigate the transaction successfully.

 

Jeff Dicks 

Certified Foreclosure Agent