Check out this report from The Niche Report that is a glowing report on the housing market. After so many years of decline the housing market is finally showing some robust sales and improvement in prices. Homes that have been underwater are beginning to catch their breath and are coming up for air. Maybe not all markets are there yet but many are well on their way.
That is a good sign for older homeowners who have been waiting for their home values to improve so they can get a reverse mortgage.
The Bay Area especially is seeing strong gains as a result of extremely low inventory and eager home buyers. All of the cities within the inner East Bay are seeing multiple offers on home listings. How about 15 – 25 offers. While Realtors are basking in the glow of their listings commanding higher prices than asking, they have their work cut out for them as they pour over the offers to advise their clients what to do.
Now with spring/summer activity maybe more older homeowners will get the bug and think about downsizing. They can use the funds from the sale and combine that with a HECM (reverse mortgage) and purchase their new home with no monthly mortgage payment. Plus they get to keep a larger portion of the proceeds from their home sale. See me for more details. http://MyRMAgent.com/MartyAppel/ .
Buy a $400,000 home for $150,000. Call me for details.