“All Things Real Estate” Recap – 3/6

“All Things Real Estate” is thrilled to return to the KFNS airwaves for another season, every Sunday morning at 10:00.  We urge you to join the conversation as NHL insider Andy Strickland, Cory Spielberg and Mike Weiss from Upper End properties, Doug Cohen from Douglas Properties and our rotating panel of guest experts break-down the latest in real estate.

During our first show, we were excited to talk about the real estate market’s return to normalcy.  Mike Weiss explained that the rejuvenation in the market is evidenced by the fact that “real estate inventory is the lowest it has been in the last 14 months,” and that “pending sales are higher currently than they have been at any point over the previous six months.” This translates to a healthier market because it means that sellers have more control over the negotiation process.

Our guest this week was Bill Bruce, who serves as the Director of Lending at Enterprise Bank and Trust.  We discussed several changes that will be occurring with interest rates and FHA loans, and the ripples and effects that could occur as a result of the potential closing of Freddie Mae and Fannie Mac.

We also discussed some of the general misconceptions that many people have about foreclosures.  “It’s important to understand that banks are generally just as dug in to a property as most sellers normally would be, so it is wrong to assume that they will be more willing to collapse on their price and treat it like a fire-sale” and because of this, “buyers may not always be aware of how slow the process is actually going to be,” explained Weiss. We explained how there are many differences in buying foreclosed properties from large, national banks as opposed to smaller, local banks.  Also, there are many nuances to buying foreclosed properties that are different from buying from individual sellers; for instance, repairs typically cannot be requested when buying from banks.

On the next edition of “All Things Real Estate” we will be focusing on the city of Brentwood, and our guest will be Brentwood Mayor Pat Kelly. So, whether you’re looking to buy, sell, rent, lease or simply stay up to date on the area’s market, be sure to listen in every Sunday at 10:00am on 590 KFNS.