Job-loss and unemployment rates are real, but more importantly, we must focus on the fact that 90% of our working population continue to work. The 90% have got to be encouraged to carry-on with life before this economy can turn around. The only thing anyone gets from sitting on a fence is blisters.
News of the “impending moratorium” on home foreclosures is spreading the nation. Those that are facing foreclosure on their home are being granted a temporary reprieve, and hopefully this reprieve will allow enough time for those affected to form a serious plan to get their future finances in order. Read more about it here: http://www.tennessean.com/article/20101011/BUSINESS01/10110327/2047/NLETTER01?source
My first reaction was ….”Wow.” Just last month, the “Administration economists” said the recession ended in 2009 and recovery, although slow, had begun. My second reaction to the news was “I bet more people wish their home mortgage was with Bank of America.” Christmas just might be early this year.
In reality, Christmas has come early for the housing economy for several reasons. Mired down in technical difficulties is the foreclosure process. We all know that foreclosure sales bring the least amount of money to the lender, and have dire consequences for the property owner. Foreclosure sales also do the most damage to property values in the surrounding areas. These low-net, value damaging sales are for the most part stopped for the time being, which benefits the majority of property owners in this country, even if it is just for the short-term.
Meanwhile, the short-sale process is still alive and well. Perhaps lenders will now be even more attentive to entertaining offers that they receive. The lenders get more for the property and the sellers avoid the foreclosure mark on their credit report and can begin re-building their lives. Without the foreclosure sales forces, we will see further stabilization in home prices.
With foreclosures temporarily off of the market, the exceptional values offered in a BRAND NEW home stand out clearly. The values offered in today’s new home are beyond comparison, especially with today’s unprecedented fixed interest rates. Why buy a used toothbrush when you can buy a NEW one? The same applies to new homes! Don’t miss exploring these options.
With a Fed Rate of ZERO, and untold billions of bailout money already in the coffers, is the new “moratorium” really hurting the lenders that much? I feel that the more that property values are allowed to stabilize and improve, the more those troubled assets are worth… when the time comes that they can be sold without issue.
So, here is some sound advice for anyone that may have questions:
1) If you own your home and are looking to move-up or down-size, get your home on the market now! What equity you may give-up for a sale will be made up on your purchase in most cases, especially in move-up situations.
2) If you are able to keep your existing home AND purchase another, you can have the best of both worlds. Hold your existing property until values climb AND take advantage of today’s market. Rental property is in huge demand right now and if you find the perfect tentant, this avenue makes great sense. Consult a Real Estate professional to explore your options.
3) If you are not behind on your payments, keep making them, even if they are to Bank of America. Your debt is legal and real. Interest charges continue to accrue. No one is going to get a “free home” out of this situation, unless you have a winning lottery ticket.
4) If you are behind on your home payments, but foreclosure has not been initiated, get that home on the market now! Remember, the inevitable is just being delayed a bit. Use the gift of time wisely. Consult a Real Estate professional and explore your options.
5) If you are planning to purchase a home in Nashville, Tennessee, you owe it to yourself to explore what we at Ole South Properties have to offer. Visit our website www.OleSouth.com for more information, or contact Trey Lewis at 615.593.6340 – TLewis@olesouth.com. My specialty is in NEW HOME CONSTRUCTION but I will be glad to share advice and point anyone in the right direction. There are many great Realtors in the Greater Nashville area whose services I am proud to recommend.
Yes, there is a Santa Claus and he doesn’t work at Bank of America. He works at Ole South and he is working feverishly to build your brand new home for the holidays!
Today is another beautiful day in Nashville. Let’s all get off the fence and enjoy it!
Trey Lewis is a licensed Real Estate Broker in the State of Tennessee with Ole South Realty, 615.896.0019 direct 615.593.6340. Specializing in new home sales in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, and Spring Hill, Tennessee.