NOW Is the Time for the Piece of the Pie
Palm Beach Gardens, FL (PRWEB) September 27, 2013 -- The investors that helped stabilize the housing market are now giving way to buyers-especially first-time homebuyers. The number of investors involved in the housing market has fallen in the last few months, allowing buyers the opportunity to have their strong offers considered!
Investors have gone from accounting for 23 percent of home purchases in February to about 20 percent in June – the lowest level since September 2012, according to data from Campbell/Inside Mortgage Finance survey. It has come off its peak due to the decline in far fewer bargain prices in the market, leading to less investor demand.
It’s been a difficult market for the buyers, especially first time homebuyers, because they were continually losing out to investor’s all-cash offers on properties. The banks and sellers were more interested in quick deals that cash offers typically provided over offers from buyers who required financing.
It is forecast that investor numbers will likely decrease even more in the coming year. What does that mean for the home-buyer, especially the first-time homebuyer?
It means that you have a better chance now than in the past couple of years to have your offers with mortgage financing considered by banks and sellers.
It’s been frustrating for the real estate agents as well, as many buyers were putting in strong offers on properties that required mortgage financing only to lose out to the investors’ all-cash offers. We are already seeing more buyers entering the market because there is less competition from investors.
While investors will always be a part of our market here in South Florida, if the current trend continues they won’t be taking such a big piece of pie. We thank the investors for helping to stabilize our housing market, but now it’s time for those buyers that require mortgage financing to get their piece of the pie!!!!
Doreen Nystrom can be reached at 561-209-7900.
Hillary Reynolds, Polin Public Relations, +1 (954) 815-1186, [email protected]
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