Foreclosures are on the rise. That means, sellers window of selling soon for more is going to diminish.
You have heard of shadow inventory right? Well that is still out there, but a newer trend may soon place more distressed properties on the market. The pace is picking up, banks seem to be moving faster on delinquent homeowners. After Four quarters of steady decline, there is an increase in foreclosure activity for months July through September.
See MSNBC article around this increase. I have said this for months, there is a window of opportunity for traditional sellers and that window is closing. During the past few months, we have seen some small price increases in many parts of the nation. The reason for this is the decline in inventory, including a vast decline in foreclosure inventory. Fewer properties on the market for buyers translates into more competition for your home, if it’s on the market.
I have seen a very small increase in assignments of foreclosures from banks I deal with after a year of almost no new foreclosure business. If things are heating up, as described in the above listed article, it might be the best time to market your home, if you want it sold. For some reason, many buyers will pass by traditional listings to make offers on foreclosures. They aren’t always the best deals, but have the perception that they are.
Based on my own practice, I see an increase coming. So, if you want to sell your home fast for a better price it may be now, or much later. Please contact me to discuss your real estate situation.