Real Estate Forecasts – Round Two
My previous entry covered some of the more striking real estate trends sweeping the nation. As a bonus, the article included a batch of market forecasts for the upcoming year. In a nutshell, the coastal regions of L.A., San Francisco, and New York are experiencing a welcome resurgence in the marketplace. As for the vast majority of the country, however, the picture isn’t nearly as rosy. These areas can expect a mixed bag of ups and downs as their markets sluggishly awaken from their recessional slumber.
Indeed, guessing what’s in store for buyers and sellers across the nation will be a tough a nut to crack. To help you navigate this uncertain terrain, here’s a second round of expert forecasts for the coming year.
Fine Situation. Expect the federal government to zero in on the banking industry’s foreclosure practices. Throughout 2013 and beyond, fines, fees, and settlements levied against lenders could total a staggering $300 billion. Also getting into the act will be the Consumer Financial Protection Bureau and other agencies, which will be slapping hefty fines on companies taking part in questionable financial practices.
Bargain Buyers. OK, maybe home prices in your part of the world are crawling upward. But that’s by no means an invitation to list your house at peak prices. Let’s get real, sellers. This isn’t a decade ago. So buyers won’t be shelling out premium sums for your little castle. Prices must be what the market will bear, not what the seller would want.
Banks to the Rescue. Increasingly, banks will offer homeowners more financial breaks in the form of short sale options and loan modifications. A major impetus for the stepped-up rescue operations will come from Uncle Sam. According to recent legislation, the nation’s five largest mortgage servicers must spend a portion of the ‘national mortgage settlement’ monies on loss mitigation programs. Plus, thanks to a timely extension, besieged homeowners can enjoy another year of tax breaks related to mortgage debt forgiveness.
Would you like to learn more about real estate market trends throughout the nation? Simply drop your questions and thoughts into the comment box. Or just reach out to our team directly.
And, of course, if you’re ready to discover the latest opportunities in the Beverly Hills real estate market, I’m ready to make it happen. Call or email today.
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