2013… It’s a New Year!

 

2013 is going to be a good year… That’s a prediction!

 

All the news in real estate since the start of the year has been good, the elections are over, the fiscal cliff has been averted at least for the time being, and there’s a positive vibe out there.  Mortgage rates are likely as low as they will ever be, demand is increasing and prices have reached a point of equilibrium.  Sellers are becoming more realistic and buyers are now looking at fair prices, not just steals.

 

More good news…  Sales of foreclosure properties throughout the country have fallen from 28% in March 2011 to 11% in June 2012, thanks in part to the banks, the FDIC (Federal Insurance Deposit Corporation), the FHFA (Federal Housing Finance Agency) who have been selling hundreds of distressed home loans to bulk purchasers who agree to modify the terms of the loans rather than foreclose on the properties.  Additionally, the overall number of homes facing foreclosure has decreased with a stabilization of home prices and an improvement in the equity position of  homeowners.

 

And while real estate is local and national trends don’t necessarily apply to every market, New Canaan can only benefit from the improved atmosphere.