I have been talking with a number of sellers who have let their homes come off the market in the last 6 months thinking that things will be better in the late winter early spring.
Is this a good idea? Probably not if they want less competition and a better price....the forecast for the foreclosure market is that we will be seeing more of them and the heaviest will be 2nd quarter of 2011. If the prediction is accurate they are suggesting it will push prices down at least another 5%....that on a $300,000 is $15,000. If it were to drop 20% that is a whooping $60,000!
Interest rates have been on the rise and many of the buyers are getting motivated before they lose out on this opportunity.
I say sell now while there is less competition....a bird in hand is worth two in the bush :-)