There’s no doubt that the real estate environment is dramatically different today than it was just a few years ago.
At the Jersey shore the days of 15-20 % annual appreciation are just a memory – and we await the return of the “normal” 7 % average ten year appreciation rate that we experienced during the 1970’s, 1980’s and 1990’s.
Over the past few years many shore buyers used no-interest and low-rate loans to help them qualify for mortgages and join in the real estate boom. When property values began to drop many of these “investors” began feeling the crunch of rising adjustable rates and are now faced with tightening the purse strings to make ends meet.
The result : foreclosures – Right ?? Well, maybe ….
Although the list of pre-foreclosures has grown from what we’ve been used to, we really haven’t been flooded with desperate sellers ready to unload at a discount before the banks take over.
The myth that the best deals are Bank Owned Real Estate or Distressed Pre-foreclosure Sellers is only partly true.
Some of the Best Deals being made today include astute sellers with equity that they’ve built over a ten year period (or longer).
My Advice : Don’t disregard the properties listed on the Multiple Listing Services – there are still a few Diamonds in today’s inventory. Find a Realtor that’ll tell you about ALL of the inventory, and don’t hesitate to Make An Offer if you see something you like ….
- Jim Marshall
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