We have had 60 days now of price stablization. Although the number of sales remains down, the prices seem to have hit the bottom. Experts and OAR agree that the rebound is just around the corner.
Today’s buyer starts their search on the internet for a new home. It is estimated that a full 87% of buyers look on the internet first. New technology such as virtual tours and e-Magazines are very popular. At EXiT we provide both as do some of the other local real estate brokerages.
It seems we are all blaming preditory lenders for all of the foreclosure mess. The number one reason for the foreclosures in Ohio is still job loss, it has been for several years. The numbers 2 and 3 reasons are health and divorce.
The preditory lending accounts for about 2% of the foreclosures, but added onto the above makes the situation worse.
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Inventories are up, prices are down, rates are down, now is a great time to buy real estate.
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