Today I was reading an article entitled - Low priced Foreclosures and High Hopes for Appreciation Draw Investors back to Real Estate.
This is actually happening in my market. In fact we are seeing multiple offers on foreclosed properties becoming the norm as savvy buyers move to take advantage of current market conditions. Continuing low interest rates coupled with the $8,000 First Time Homebuyers Gift (Grant), plus the expansion of the program to include $6,500 for current owners purchasing a new residence is creating lots of buying activity. Buyer perception about affordability of homes has increased to the point where they now realize they can now afford 70% of the homes on the market based on the median income of $52,029. Buyers are waking up to the opportunities in a hurry!