Why You Need to Sell Your House Now
This is very relevant information that will impact everyone. Those of us who live in the world of real estate know this instinctively, but the numbers are somewhat sobering to say the least.
Today we participated in a RealtyTrac webinar hosted by CDPE. Rich Sharga of RealtyTrac shared a lot of data that confirms what many people have been saying about the housing market. Here are the highlights:
~ The sub prime loans are finished but the alt a loans are still resetting and people are losing jobs. The result of this is we still have a huge wave of foreclosures to come.
~ Half of all short sales people still have equity in their houses. Job losses is a reason they doing a short sale in many instances.
~ Banks have an estimated 600,000 to 900,000 homes that are not on the market. This is the 'shadow inventory'
~ There could be as many as 5,000,000 distressed properties that come on the market in the next two years.
~ Banks are holding the shadow inventory off the market and releasing slowly so as not to completely crush the home market.
~ The states that will be the hardest hit by this are the sand states - California, Florida, Nevada and Arizona. These are the states that have had the biggest rise and crash in prices and the most foreclosures.
~ Investors are going to make up over 50% of the real estate transactions in the coming years.
~ Regular sales sell an average 10% more than short sales. Short sales sell an average of 15% below market value and foreclosures sell an average of 27% below market value.
If you are considering selling your home in the next few years, you need to sell your house now. Rick estimated a decline of 5-10% in home values is possible. He does not think we are going to have more double digit declines, but we are going to have declines. Now is a great time to sell because interest rates are so low and buyers are braving the economy to buy because there are such great deals out there.
If this article has been helpful to you, please let us know. If you are interested in buying or selling real estate in the Jacksonville FL area, please call or email us.To reach us, call or text us at 904-673-2308 or e-mail - sharon@teamalters.com
Visit our website for more information about real estate, school information, & area news/events.
Original Photography, All Rights Reserved.
Join us!
Comments(3)