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Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac. While many are still struggling to recover financially, a growing number are starting to bounce back — and they are looking for a new place to call home. Read on Click on announcement below for larger view.
Seattle area real estate levels are at a critical low for home buyers. As we move into the Spring 2013 home buying season, the amount of homes for sale will be less than half of those available in the Spring 2012 market. The culmination of low inventory and low interest rates have pushed our market into a buying frenzy with a high percentage of homes for sale entering multiple offers.
By Peter Weber, Homestead Hounds Home Inspection Services.
Image via Shutterstock.
At some point, you may find that your home doesn't work well for you anymore. You may need more space or a reconfiguration of the floor plan. The decision to remodel or move can be relatively easy in some cases and difficult in others.
In one example, homeowners in Berkeley, Calif., needed more space for their growing family. They looked at more expensive houses to buy instead of facing the hassle of renovating. They discovered that they couldn't afford to buy a larger home in a prime location. But they could afford to add enough space to their home to make it work for them. Luckily, their home was already in their preferred location.
Since they owned one of the smaller homes in the neighborhood, they could afford to invest in an expansion without overimproving for the neighborhood. They intended to stay in the home indefinitely.
Another couple with children, living in an Oakland, Calif., neighborhood they liked, talked to an architect about redesigning the space in their home to make it more user-friendly for their family. The plan didn't give them exactly what they wanted. However, it would be an improvement over the existing floor plan, but at great expense.
![sanctuary[1]](http://www.broadviewseattle.org/wp-content/uploads/2013/03/sanctuary1.jpg "13047 Greenwood Ave. N")
Real estate has taken a hard hit along with the economy the past couple of years, with varying inventory and interest rates fluctuating often. This past quarter has shown an improvement in low interest rates as well as inventory. As sales rise, prices rise along with them, opening up the opportunity for growth in real estate.
