We’ve heard statistics lately that homeowners who had to surrender their homes to bankruptcy or short sale due to various situations will be BACK and eligible to purchase again. It’s estimated that 10% of the homes sold in 2013 will be to buyers who lost a home in the past five years. Approximately 500,000 buyers who may have thought they wouldn’t own a home anytime in the near future will be homeowners again.
It’s estimated that several million of these previous homeowners will purchase again in the next eight years. This kind of activity will contribute significantly to the housing recovery.
Some people thought that the housing crisis would cause a shift in values placed on owning a home but the boomerang buyers definitely don’t support that theory. Having a home of your own, where you can raise your family, share with your friends and feel safe and secure is still part of the American Dream. Which is still a strong foundation that our Char MacCallum Real Estate Group in founded on!
The rising rents, increasing prices and low, low mortgage rates are also influencing buyers into the market. In many cases, it is cheaper to own than to rent. Many of the homeowners who lost homes due to bankruptcy or short sale have been working hard to repair their credit standings and are bcoming able to purchase again. This should help our Olathe and Kansas City Real Estate areas significantly!
All new buyers, including those who have experienced foreclosures or bankruptcies, must have good credit history and the ability to repay the loan. It just may not take as long to reestablish the credit as some would-be buyers might have thought.