By Kay Wilson-Bolton
July 15, 2009
It is difficult to see bright spots in this continuing market shift, but brokers and agents who are providing broker price opinions to asset managers and intermediaries determine today’s prices for shortsales, pre-foreclosures, refi’s and loan modifications are finally able to check the “stable” box, indicating that prices are not dropping– for the moment.
Industry chatter is there is a huge inventory of foreclosures ready to freefall into the marketplace in late August now that the moratorium on foreclosures has expired.
Today’s real estate market has its own shade of character: low inventory, multiple offers, over-asking prices, and appraisal failures. The components have taken some of the joy out of the much of the business, but it is good for sellers who can ill afford continued drops in prices. It is good for buyers who are the heart for tough negotiation and reasonably good credit supported by a lender who can actually close a loan on time.
News reports affirm that August will bring lots of new home choices for homebuyers. Two major lenders state that while August will begin the next phase of home selling, the peak may not be met until this time next year.
Until then, increased inventory means greater options and choices for homebuyers reflected in lower offered prices for sellers whether they are foreclosed properties or shortsales.
Bottom line? There is an open window for a stable market for a while. Home owners who need or want to sell in the next 18-24 months should think about doing it now. Sellers who are not shortsale candidates have a better chance of selling at the highest price.
Today’s demand for homes is huge and inviting. If you want to sell soon, contact a qualified REALTOR® to help you make that choice. Local REALTORS® will give you your best options because they know the marketplace. If you have a price in mind, test it within reason in the marketplace.
A good choice is a REALTOR® is one who has done a good job for someone you know and trust.
Kay Wilson-Bolton is the owner of CENTURY 21 Buena Vista and an REO and shortsale specialist. She brings a regional perspective to local issues. She can be reached at 805.340.5025. Her web address is www.readysetkay.com