An Active Market

Whether or not this the bottom of the market, one thing's for sure, there is at least a market. It's the foreclosure market, with a sprinkle of short sales, (which I hate to be involved in). Yes there are still are some traditional closings, but that's not where most of the action is.

In that past six months the foreclosure listings have disappeared. People have taken advantage of the low prices. Over half of the active listings that were on the market are either closed or are in pending status. More than anything, money is flowing again. With so many transactions taking place, there must be somebody making money. There must be somebody staying busy.

Indeed there is. Realtors who are fortunate to get REO listings, or have investors buying with all cash. The law firms and title companies fortunate enough to get the bank's business and close deals. Inspectors, surveyors, appraisers, lenders, The Home Depot, are all busier than they've been in a while. I, myself, have been working with investors, then helping them rent their recently bought foreclosure.

Now I find myself shopping at The Home Depot, fixing up my own bathroom, adding a new pedestal sink. My G-d, did I really just buy a hibiscus tree and plantern. I can't remember the last time I bought anything relating to landscaping. The point is, the longer I stay busy, as well as do my counterparts in the business, then the more my money, and theirs, will trickle down. By the way, I'm seriously considering buying some Home Depot stock.

I've even seen ads on television selling foreclosures that were recently bought from the banks and are now being sold at "Rock bottom prices" The ad went on to say that all you need is a job and a low down payment. In essence, vulture funds have paid little to buy foreclosures, fixed them up, and are now reselling properties for a profit, as well as lending the money to do so. The risk of lending has been taken out of the banks hands and been put into traditional investors lending private money. This ad alone tells me we have turned a corner as new business practices have evolved.

So how long will we continue to see foreclosures pop up on the market. Not sure exactly, but word is that there is still more to come. The first wave was sub-prime the next wave is to be those loans with arms that are expiring. Eventually we will flush out of all the crap. Let's just hope rates stay low enough to support buying power once the cheap stuff is gone.

Please don't hesitate to call me with any questions regarding the South Florida real estate market. I can be reached on my cell at 954-326-2663. Allow me to be "Your South Florida Realtor." I'll be there every step of the way.

Thanks for your time and have a great day!

Be sure to visit these other informative websites:

www.a1realtygroup.net
www.lglassmanlaw.com
www.a1titleandescrow.com