Transformers In U.S. Real Estate Market Too

(EMAILWIRE.COM, July 17, 2007 ) NEW YORK, NY - America’s real estate industry is in a state of massive transformation. Like the machines made popular in the children’s cartoon movie real estate agents and others involved in the single family home market are finding the need to morph themselves into many shapes and sizes just to stay competitive in a topsy-turvy market. We buy houses companies compete with traditional real estate agents as they provide another outlet for people to sell their house fast. Many people complain that the traditional real estate sales model is outdated and is replete with too many disguised conflicts of interest. People who want to deal with companies that buy houses often prefer to receive a cash offer instead of hoping that their house will sell after months of scrubbing, cleaning, and seemingly endless negotiating with picky and possibly unqualified home buyers.The subprime mortgage industry is in a meltdown phase and some buyers are suddenly not able to get the money they want to buy a house when they want it. Major players in the mortgage lending industry are tightening their standards, and many residential real estate markets in the county are faced with looming overhang, parlance in the industry for an oversupply of homes people want to sell.“There really is an incredible amount of choice for buyers these days, and that can make it tough for people to sell their home fast for quick cash,” said Patrick McGilvray, president of The Home Buying Center.com (http://www.thehomebuyingcenter.com). His company helps people sell their houses to real estate investors across the nation and also helps people negotiate a "short sale" of their house if they are in the unfortunate situation of owing more to their lender than their home is currently worth.Many real estate experts don’t expect a full recovery of America’s housing markets for years to come because many of the effects of the recent cheap credit phenomenon will not be felt for some time. Joe M, a former mortgage broker who asked that his last name not be used, said, “based on the loans that I saw approved in the past three years, especially subprime adjustable rate mortgages (ARMs), I wouldn’t be surprised if our housing markets are impaired for three to five years. There were so many loans approved to unqualified buyers that I began to question just what I was doing in this industry.”Much ado is being made in the financial press these days about the spillover effects of the subprime mortgage meltdown, and many are hoping that the current situation with ugly houses and houses in foreclosure across the nation will morph into something resembling a happy future instead of a terrifying machine bent on destroying the American way of life.Contact:Patrick McGilvray, J.D.Tel: 916-920-3278 ext 2###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.

Patrick McGilvray, J.D.

patrick@thehomebuyingcenter.com