The Nature of The Market Is Changing - Local Stats. Not TOO many years ago, the term "Standard" Sale was the rule of thumb. Buyers and sellers were normally just ready to move on. A house went on the market and financing was just a formality. Find it, buy it, move in. The other side of the transaction was List it, Sell it, Move on. Rarely was the financing for the buyer or the "Finances of the Seller"very much of a consideration - Most transactions were faite accompli.
Stats are for Single Family Residences
Zoom back to the present. The market has changed. Buyer qualification is tougher (actually a good thing), AND because of the loose lending standards of years recently past, staying in that dream home has become tougher and tougher. Adjustable Rate loans adjusted upward. Employment today is getting harder to even maintain what with downsizing and moving jobs off shore. Who ever guessed that home values would decline, making upward appraisals and refinancing a normal way to adjust out of a tight spot a thing of the past.
As a result, a majority of the homes in this area are being sold under distressful circumstances. Loan defaults ended in foreclosures and bank owned properties, or the seller is trying to avoid the foreclosure with a short sale ( selling the home for less than the financial obligation to avoid foreclosure). Both of these circumstances have many facets and each are deserving of multiple articles. But for now, here is how The Nature of The Market Is Changing - Local Stats.
If you have questions about hou this effects your plans to buy or sell a home, please call. I'll be glad to help you understand what's happening in the market.
Did you like what you Read?
It's All About YOU! Brad Rachielles, REALTOR, Upland, CA
Brad Rachielles, REALTOR. Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.
Web Page: http://www.BradRachielles.com