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Mike Young
Realtor® - Broker Associate - MBA

 

How is the Market? It is a Good Time to Buy if...

Right now, there are more buyers than sellers. Over the past 5 years, buyers have been reluctant to risk declining home values. This has created a pent up demand for homes which should make prices rise, but there are several factors working against that:
 
Credit is tight.  Now that the horse is out, the banks have closed the barn door. It is much harder to get a loan than it has been in my adult life. A lot of good buyers can't get loans.
 
30% of California homes are still underwater - The home is not worth enough in todays market to pay off the existing mortgage. That is 1/3 of the market that is just can't sell unless they do a short sale. This will take several years to resolve itself.
 
But if you have cash or income that is documentable now is a great time to buy. Low interest rates and low prices create the perfect storm  for home buyers, there are great deals out there. You have to jump on them quick though. Contact me to get on my list of people to contact when I come across a great deal.
 
Call me (831) 234-1545 or mike@mikeyoungproperties.com.

Michael B. Young on Zillow


Direct: (831) 234-1545
Office: (831) 234-1545
Fax: (831) 480-8440

CalBRE License Number: 00952966

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Thunderbird Real Estate
2601 41st Ave.
Soquel, CA 95073
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