Special Tax Day Edition; $787 Billion - Right or Wrong?

In ‘honor’ (and I use that word loosely) of tax day, I have posted this special Tax day edition, and I would like to thank my friend and today’s Guest Beth Urch

Market Matters by Beth Urch, Sales Manager reprinted from an article written on 2/10
Beach Realty & Construction / Kitty Hawk Rentals

$787 Billion - Right or Wrong?

$787 Billion is an unfathomable number to most of us and whether you supported the bill or were opposed, it’s a part of our lives now. What does it mean for Outer Banks property owners? For those who use their Outer Banks homes as their primary residence it may mean the opportunity to refinance and the ability to stave off foreclosure and that will be a wonderful thing for everyone. In order for the market to stabilize and return to a desirable steady, slow appreciation, the bank-owned properties and foreclosures must dry up, disappear, go away and hopefully never be seen again! As long as banks are willing to accept low-ball offers, our market values will continue to decline. The stimulus plan may help out enough homeowners to make a difference on the rate of foreclosures and thus turn this market around.

On the Outer Banks, buyers are still hungry for deals and the bank owned properties and short sale transactions remain popular due to pricing. So far in 2009, we’ve seen 72 single-family homes sell and 23, or 31% of these transactions were bank owned properties. March 4th marks the eligibility date for the stimulus package offerings and I predict we will see a decline in the rate of foreclosed properties almost immediately. Lien holders will be less likely to foreclose if there is a chance the loan can be restructured creating an affordable alternative for the buyer. If you want to read more on the details of the stimulus plan follow this link to the www.realtor.org site:
http://www.realtor.org/government_affairs/gapublic/homeowner_afford_stability_plan?lid=ronav0019

What can Beach Realty do for you? Give us a call. Our team of knowledgeable real estate professionals can prepare a detailed report on market activity, create a CMA and keep you informed. If you’ve been waiting to put your home on the market, I encourage you to give us a call. We’re here to help.

Please call or contact me, Beth Urch, Sales Manager (252) 261-3815 or beth@beachrealtync.com. I’ll match you with the Beach Realty & Construction / Kitty Hawk Rentals real estate professional that specializes in the area your home is located.