12 reliable real estate tips for 2012
To buy or sell in 2012, what with Armageddon coming and all? Absent any ancient Mayan wisdom on real estate strategies, let’s just hope the real cataclysmic event in the real estate market already has passed, even if the rubble from the bubble remains.
A stubborn overstock of households with loans higher than their value will continue to restrain prices and create some major obstacles for sellers in 2012, a year that’s shaping up to be another homebuyer’s market. In fact, recent studies indicate that more than 20 percent of all residential properties with a mortgage are still underwater, hinting that many foreclosures and workouts are still to come.
However, even the most conservative forecasts call for growth in home sales in 2012, with some select pockets around the country already busting out where there are competitive offers on new listings. More than one-third of home resales were made to first-time buyers in 2011 – another good sign. Read More.