Hello, and welcome to Real Estate Reality Radio. The most important hour of radio every Friday from 9 to 10 on WBCB 1490 am. Thank you for joining Vince and me. For those of you who are not familiar with the show I am the guy with a bow tie and a bit of an attitude and Vince is the fun affable best friend. Our show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.
Within every market there are obstacles and solutions on the path to tremendous opportunities. Vince and I think most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.
Please join us live on the web at www.wbcb1490.com from 9:00am to 10:00 am every Friday.
So last week we discussed the stress that buying or selling a home may cause with Morrie Olson . This week was full of great current events: Home Prices now at 2002 price levels. Prices during the 1st quarter were down 2.6% from 12 months earlier. According to HIS Global Insight “it is probably the best time to buy a home in decades”…problem is “over tight lending conditions make it difficult to qualify for a loan”. Foreclosures make up 26% of all sales in 1st Quarter. There were nearly 110,000 short sales in the first quarter (up 25% from a year earlier). Short sales represented 12% of all homes sold during the 1st quarter according to Realty Trac. Short Sales are becoming the banks preferred methond of unloading properties in distress. Here is the kick. It only took them 5 years to figure that out and it still took on average 306 days to sell a short sale versus 370 days for a foreclosure.
Today Vince and I are joined by a “business development” specialist I have been fortunate enough to know for about 20 years. Bill Goetz is a new associate that Vince and I are thrilled to work with.
We would like to spend the next hour discussing how buying and selling habits have changed and what the web represents in todays ever changing market. With home buying the most affordable in decades the web is a very interesting medium for shopping for a home and getting answers to questions. Vince and I have been utilizing the web in multiple ways. We have been using the web to attract buyers to look at pictures of properties for sale.
We have recently been using www.CBSPhilly.com/AskPete to entertain questions that people feel more comfortable asking anonymously.
Please join us live at www.wbcb1490.com for the open discussion about the internets role in shopping.
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.