In a transitioning market, a buying opportunity may have arisen. With the likely extension of the buyers' tax cred AND residual foreclosure listings, a perfect storm of buying opportunity may be the result.
The Harrisburg-based Pennsylvania Association of Realtors (PAR) forewarned Tuesday (Nov. 3, 2009) that there was “no end in sight for foreclosures” across the state or the nation.
PAR, the trade group representing the state’s licensed real estate brokers and sales people, in its “Just Listed” blog Tuesday cited statistics that reported nearly a million property owners nationwide received foreclosure notices in the 2009 third quarter that ended only four days ago.
It also said so-called strategic defaults – in which property owners purposely decided against paying their mortgages so they could pay other bills instead – had risen 128 percent over the last reporting period.
PAR offered two observations for coming months. Foreclosures in Pennsylvania, which until now have been modest compared to the rest of the country, have slowly begun to rise, it said. And because housing markets in Pennsylvania lag rather than lead national trends, it added, foreclosures in the state are likely to increase in coming months.
The "lagging" nature of economic issues in PA may represent the opportunity. If foreclosure opportunities continue to exist in PA while national programs like buyers' tax credit continue/expand, a true regional opportunity may exist.
So if you're seeking to buy a home or investment property, give me a call! It may be the perfect time!
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