Waiting to sell until the market improves next year? Think Again!
Based on an article on DSNews.com quoting analysts at Capital Economics that prices are not expected to increase until 2014, the need to use and listen to the market and advice of an experienced Re/Max Results agent has never been greater. These analysts cite factors such as the fact that “4.5 million households are still in serious danger of losing their homes as they have missed at least three mortgage payments or are already in the foreclosure process.” They also cite the dreaded “Shadow Inventory”, which could be as many as 5 million homes. These are home that have already been foreclosed on but have not been put on the market. These analysts claim that first quarter data shows “Fannie Mae and Freddie Mac were guilty of holding back homes to the tune of 220,000 properties”.
Make your decisions to sell and move based on reality! If you are "waiting until next year" when things improve to sell your home and move think again! You may really be looking at 2014 or after. Some sellers have already understood this and have quit putting their life on hold until the market improves. Home Title (a subsidiary of Re/Max Results) closers report that there are more sellers coming to closing with cash so they can sell. They are moving on with thier lives and making the move they or their family wants or needs to make. They are also finding that they are, in many cases making up the difference in savings on the next home they purchase. They are also taking advantage of the low interest rates and great values in today’s market.
The good news for anyone buying is that this “Shadow Inventory” will eventually come on the market and will be sold. Keep in mind that if you have a home to sell first, you have to be priced at market to sell it. In today’s market if you are overpriced, and can't price at market, you might as well save yourself the trouble and frustration and take it off the market until 2014 or after. Buyer’s have access to a tremendous amount of information and are very savvy as to values. Listen and follow the advice of your agent and the realities of the market. The market is speaking very clearly today.