LOWERED PRICING-SMALL CONSOLATION IN NW CT REAL ESTATE MARKET!

10.18.07

There have been numerous price adjustments, that is reductions, on properties throughout the NW corner over the past months, and they continue almost weekly, but that is proving to be of little consolation for sellers.

I should qualify the above by saying that the lower priced properties are those worst hit by the sub-prime mortgage debacle, so as this category sees periodic price adjusting, little change in their selling status occurs

The reason: most candidate buyers for these properties are those most credit deficient. Therefore no matter what the price, buyers aren’t able to get loans, or at least loans that I would recommend to them!

Let me assure you that, based on what I get on my computer daily, the loan sharks, as I will label them, are still around saying that they have mortgages available TODAY, for people with bad credit or no credit! Who knows what they are offering but it can’t be any good, long term, for any borrower who might use them. So, as I have said before, stay away from these firms.

So, back to the top. There are quite a few interesting buy possibilities showing up in the low end of the market, but buyers just can’t afford the costs of money needed to purchase. A continued problem will thus be, selling these houses-at all, right now, to those who could really use them!

©2007 R Leech features