I just read an article about the easing of lending standards for borrowers. (http://www.dsnews.com/articles/housing-crisis-to-end-in-2012-as-banks-loosen-credit-standards-2012-01-24) I am going to stay cautiously optimistic. While I see positive signs, there are some signs that still worry me. I believe this spring will tell us quite a bit about how strong our economic recovery is and if the housing market is really on the upswing.
The flip side is that there have been lots of buyers in the market during this downturn. Maybe not as many as we would like, but savvy sellers have been able to capitalize on their strengths and engage these buyers. Even if sellers took a hit due to lower prices, they have been able to leverage those low prices when buying. Often, it has been a wash. For those on sound footing with their loan to value ratio, they have been able to move up into homes they once couldn't afford.
The lesson is, don't take the negative news at face value. You situation is unique to you and has it's own challenges and opportunities. Let's talk about how to leverage those.
Warmest regards,
Dan
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