Minnesota Short Sale Expert

With all of the talk surrounding the current status of the housing market you might ask yourself, “Who is even buying right now”? There are acually several different groups of people that are in the market to purchase real estate in this current market.

The first group of buyers are the investors. They don’t seem to be purchasing much other than foreclosures and short sales. This is where they are finding the best value, even if there are repairs to be done before they can get the property rented (not many are actually “flipping” these properties right now). Up until the first part of 2007 these same investors were out buying standard “bread-n-butter” existing homes. However with the exploding number of foreclosures as well as short sale opportunities most investors are focusing on these properties rather than mre traditional properties.

 The second group of buyers are the first-time buyers. The ones that are either still living at home, a college dorm or even out on their own in an apartment. These also becoming very familiar with the home buyuing process and doing their homework ahead of time via the internet. They do need quite a bit more “hand holding” and will tend to look at many more homes but when they find something they like you can be sure that in most cases they can’t wait to move in.

The third group of buyers are those that do not necessarily HAVE to move but would LIKE to move. They are also in a position of strength when it comes to negotiating on a property. Because they do not absolutely have to move they can typically demand further price cuts on certain properties. In many cases these are “move-up” buyers. These buyers are more likely to purchase short sale properties because they are able to wait to get an answer from the bank that a short will be appoved. Thie first time buyers are very anxious and want to get moved quickly. The investors simply look at the numbers. If it makes sense they proceed. If it doesn’t they move on to the next property.

The current market that we are in is ever changing and who knows when or where it will end up. We all need to keep a positive focus and ]things WILL turn around. They always do..!!