National news tells us that the Sub-Prime mortgage is reaching a crisis. I checked, turns out the crisis is less than 2% of issued mortgages. It appears that the CRISiS may have been exagersted. Don't make the mistake of thinking the sub-prime is a minor issue, however.
I have listings that remain on the market because buyers think everything is a fire sale. Each seller makes an educated decision with input from their agent, economic news and local/personal circumstances on what constitutes an acceptable selling price.
I sold homes when interest rates were 20% and home owners sold with a profit. Each seller has a particular list of circumstances, but a loss does not neccessarily enter into the equation if their agent performs professionally.
David Spencer, Broker, Licensed Instructor
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