The recent scandal among some of the largest banks in regards to the way they handle foreclosures may be another step backwards in regards to the recovery fo the economy and the housing market. But, is it all that bad if you are looking to sell your home right now?
If you are looking to sell your home; now may be the perfect time to consider it. Now, you are not competing against the banks that are trying to liquidate inventory. The comepttion just got a little smaller. A properly priced home that is staged to show well will start to attract buyers through.....the window may be small but the advantages are great right now.
In addition, this fallout with have some implications on buyers looking to buy homes in the near future as well. Depending on the outcome and how the banks were actually processing these foreclosures; they may be unisurable. When that happens the bank will not loan on that house......If a title insurance company is not willing to protect the consumer or bank against a potential "defect" in the title the bank is not going to go out on a limb and loan money on a house that the bank may not legally own.
Then you have one of the biggest reasons this is a great time to sell......because this may be one of the best times to buy. Interest rates are at historic lows and just got lower. Buyers are getting BELOW 4% right now on FHA loans. Everytime we say rates are the lowest they have been they get lower. How much lower can they go though? This is one of the largest motivations for buyers right now. With historic interest rates and prices at levels they were six or seven years ago they should be out buying homes.....WE may never see this in our lifetime again.
If you are considering selling your home; now may be the time to place it on the market.....
Dave diCecco
Realtor/Broker
www.davedicecco.com
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