One of the top things that most people who are interested in real estate, especially in Austin Texas, having asked us over the class of two months is if we are going to see a foreclosure wave hit the Austin Texas real estate market in 2020.
Many people who study the real estate market think that the current economic conditions closely mirror that economy of 2008 which everybody knows that once things began to fall apart, a foreclosure wave hit the real estate market as well.
Before 2008, mortgage lenders would lend money to anybody who had a pulse, and it wasn’t uncommon for there to be a wide variety of horrible loans on the market including wire loans. These loans contributed to the Foreclosure crisis which lasted for several years and created a tremendous amount of buying Opportunities for Real Estate Investors in the Austin Texas area.
The Market Is Different Than 2008
Even though the current economic conditions look the same as 2008, the reality is that they are very different because following the financial crisis, lenders were forced by the government to clean up their lending practices so the vast majority of mortgage loans that have been improved over the last 10 years have been to people who have met the qualifications and stipulations of their mortgage lenders.
Yes, there are still going to be some foreclosures hitting the market in the Austin area but, it’s not going to be like it was in 2008.
Should you wait to purchase a home until foreclosures start coming to market? The answer to this question depends upon you but, the reality is that if you find a great deal right now, or a home that matches all of your buying criteria, you shouldn’t wait to buy, you should be ready to purchase that property and take advantage of an excellent price along with great interest rates.
To search for properties in the Austin Texas real estate market, contact me today by calling or click here to connect with me online.