"Massachusetts foreclosure deeds soared to their highest recorded level in April, according to The Warren Group, Banker & Tradesman’s parent company. The number of deeds so far this year outpaced those in the first four months of 2005 by 1,165 percent."
Sounds bad doesn't it? But here are some points to consider:
These foreclosures are largely a result of activities that took place 2 to 4 years ago.
Since then:
- Lending Standards Have Tightened significantly (and in my opinion; TOO much).
- 100% financing is no longer available to 'Just Anyone' anymore.
- Prices have adjusted.
- Conventional Fixed Mortgage are still Historically 'Good'.
- Conforming Loan Limits in some counties have been increased (unfortunately Not in Worcester County).
So what does it mean for Sellers?
- You MUST price your property correctly for The Current market we are in!
- You MUST have your properties Marketed aggressively!
- Your property MUST be Better than every other that you are directly competing against!
So what does it mean for Buyers?
- You have a Great Opportunity right now!
- Mortgage Rates are Historically LOW!
- There are Many Homes for you to choose from!
- You are 'Buying Into a Down Market'!
- Your lender does NOT want to put you in a situation where you will face foreclosure!
- The Real Estate Market will go up again - not sure when - but it will!
So Remember The Following:
- ALL Real Estate is LOCAL!
- Nobody will see 'The Bottom' until we are past it!
- Mortgage Interest Rates Cannot stay this low Forever!
- The Real Estate Market is Worse in some parts of the country and is Better in others!
- The "media" cannot sell 'The Middle' of any story. Only extremes can sell papers/tv/etc... so they always report on the worst!
- Always use the most Knowledgeable and Reputable Realtor that you can find to assist you if you are selling OR buying!
