Recent news has reported that many banks, including giant Bank of America will be stalling foreclosures, causing an expected potential delay of 30 - 90 days. (There is no way to know for sure)
You are currently selling a home, fewer bank owned homes on the market is good news for you.
According to RealtyTrac, bank-owned properties went for an average of 35% less than non-foreclosure sales. Foreclosures not only absorb buyers but also impact the appraisals of the homes that surround them.
Obviously, if there are less distressed properties coming to the market, there will be less downward pressure on pricing in the short term. The Washington Post, in an article last week, reported:
Stretching out the foreclosure process would reduce the number of houses dumped on the market over the next six months, which could help firm up housing prices in the short term and put some extra support under a sagging economy.
There may be a window of opportunity for a seller to maximize the price they receive for their home if they sell in the next 90 days.
If you are considering selling in the next year, sooner is better than later. Call us today.
Seven Gables Real Estate
Direct: 714 276-7006
Fax: 714 917-2293