Monday, May 5, 2008

The Truth About Foreclosures

The Truth About Foreclosures
The hot topic among the media these days is foreclosures. It seems you can’t go a day without hearing about the skyrocketing number of homes in foreclosure or heading in that direction. While the number of foreclosures is higher than it used to be, it is still less than you would think based on the media’s accounts.

As we know, buyers and sellers can be scared off by the over-exaggerated reports they see in the news.

Here are some points:

While there are some areas in the Weichert, Realtors company-owned footprint that are facing difficulties, most of our market area (including Morris County, NJ) is only minimally impacted by foreclosures. In fact, according to the Mortgage Bankers Association, less than 2 percent of home loans in the states in which we have company-owned offices were in foreclosure at the end of last year.

Despite reports of tighter credit, there are still many financing options available to the typical buyer. Weichert Financial Services remains a stable and reliable choice, and Weichert has the ability to finance the homes we sell.

Real estate continues to be a good long-term investment. On average, the value of a home nearly doubles every 10 years. Plus, there is no better time than now to buy with mortgage rates at historical lows, increased affordability and a larger inventory of homes to choose from.

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at:,,, ,, http://www.BerkshireHillsTownhomes.com, &