Brentwood Real Estate in 2012 by Elyse Arbour
Happy New Year! Wishing you Health, Peace and Prosperity throughout the New Year. The following are my thoughts regarding Brentwood real estate in 2012:
â€¢ It is a great time to be a buyer as interest rates are at historic levels. The average rate on a 30-year fixed mortgage fell to 3.91% this week! Moreover, prices are down considerably from the peak and as a result affordability is far better than it has been in years.
â€¢ With the economy growing again and the pent up demand of buyers I think that we will see an increase in the number of home sales this year and we will see home prices starting to stabilize.
â€¢ Despite the positives in the market we will also most likely see an increase number of distressed properties (foreclosures and short sales) coming on the market, as lenders look to clear out the troubled loans of the past few years. This probably will have downward pressure on home prices.
â€¢ We will continue to see all cash buyers and investors in our market place looking for great values, and while lending conditions are currently challenging this may improve as the economy grows.
â€¢ More sellers downsizing from their single-family homes into conveniently located, low maintenance condominiums.
â€¢ It could take a few more years for the housing market to shift into normal. But hope remains that 2012 will be a better year to real estate.
A Fascinating Picture by Michael Edlen
As we begin 2012, Westside real estate is a more fascinating picture than ever. Bridging the seller-buyer gap has become far more challenging, even as the loan industry is finally loosening up a bit and providing low-cost financing to those fortunate to have 2-years of verifiable sufficient income and reasonably good credit. As sellers often are not able to get what they want or feel they need to, many turn to leasing until the market improves. Meanwhile, many potential buyers are forced to lease for the time being, resulting in a booming market for leases. Prices are mixed, with some areas seeing home prices off another 5% or so this past year. Conversely, lease values are higher by 5% or more in many Westside areas. Sales volume is stable, due to low interest rates and soft prices, yet fully half of the homes for sale are not selling in this market moment.
A Positive Forecast for the Brentwood Real Estate Market in 2012
by Wendy Kirshner, The Kirshner Group
Many buyers may finally begin to feel now is the time to buy. Interest rates still near historic lows which makes it affordable to finance a home. The buyers who have been waiting for the â€œbottom of the marketâ€ may notice that prices have stabilized, are not still falling, and in some cases have inched up. Add to that the pent up demand of potential buyers to purchase a home and this may create the right environment to make buyers ready and willing to buy in 2012.