It is no surprise that 2010 is going to be another year for real estate buyers. Here we have a quick interview with Sam Chandan, President and Chief Economist of Real Estate Economics, LLC. What no one is mentioning is that for it be a buyer’s year in 2010, the banks have to start doing their jobs.
Residential home buyers do not like waiting 3-6 months to find out if they get they house they put an offer on. It may sound crazy, but on short sales, and most sales are shorts right now, that is not an uncommon. For this to truly be a buyer’s year, we need banks to start doing loans, and for them to also start processing short sales faster.
Find more videos like this on GreenPearl
I am hearing that the government is passing new requirements for banks that will require them to respond to offers in a timely fashion and get short sales processed, but I am not going to hold my breath. Until that happens, the true winners in this market are the real estate investors that can sit on a transaction while it cooks in the bank’s files for 6 months.
2010 in my opinion is on schedule to be another real estate investor’s year. Buy and hold, wholesaling and flips will still be the name of the game.