Over the last few weeks, the real estate market has really shifted from a buyer’s market to a seller’s real estate market in Hollister and surrounding areas. Hollister follows the San Jose real estate market, and the multiple offer frenzy on homes for sale are common again in San Benito County.
If you are a home buyer who is taking advantage of the historically low home mortgage rates, then you may have to pay more for a property than what you expected. Just because a seller list at a certain price, does not mean it will sell at that price. Other competitive buyers and appraisal values all have huge factors on the future of your home ownership. Do not wait another second if you have the opportunity to buy because the Presidential election may slow down the housing supply even more.
If you are a seller and your home is not worth more than your mortgage, then you should consider a short sale in 2012. As of now, most sellers are forgiven of debt for the first and second lien holder, depending on their circumstances. The laws have not been extended for tax forgiveness, and Californians know the State needs the tax revenue. Don’t bank on the extension!
If you have any questions on the real estate market, give real estate agent Kristen Jurevich a call at (831) 635-6719 or visit facebook.com/HollisterRealtor. I can help!