After the housing market crisis of 2008, there were a large number of foreclosures due to banks’ lax regulations when it came to approving applicants for home loans. Following this crisis, it was extremely difficult to both buy and sell homes, and home values hit extreme lows. Today, however, it appears that the housing market is finally beginning to come back around.
As of 2014, an update on mortgage applicant statistics showed that people are finally beginning to apply for mortgages once again. Currently, there are more people looking for homes for sale than there are viable homes on the market. As a result, it is truly a buyer’s market at this point in time; many sellers are surprised to find that they are able to get asking price for their homes and sometimes more. This is especially true in situations of bidding wars, which are becoming increasingly common as people compete to buy their dream homes.
Only time will tell what the housing market will look like in the future, but it is likely that things will continue to look up for quite some time. For more information about home loans, property taxes, and real estate in general, contact Brighton Escrow of Hermosa Beach, California for more information.