The Final Quarter of 2009 Could Be The Best Time To Sell Your Home.
Home sales are upand first time home buyers are taking advantage of the $8000 federal tax credit. If you have equity in your home, and are considering downsizing or upgrading, this could effect you in a positive way.
As of now, first time home buyers have until December 1st to gain the benefits of the tax credit. Unless the Federal Government continues this program or devises some other version of it, the next three months are going to give you the best chance to sell your home and take advantage of the lower sales prices on your purchase.
Short sales have proved to give a buyer with the time to wait an opportunity to get a home at under market value. This has been frustrating to Sellers that can't afford to take the losses that a big bank can. The average short sale can take 3-4 months to get done from offer to closing. If you are looking now, it would be very risky to focus on a short sale in the hopes that it is done by December 1st.
Multiple offer situations are being seen on a more frequent basis with homes that are priced correctly. Sellers for the first time in a long time are enjoying a little leverage during the negotiation process.
If the Federal Government does not continue the tax credit program, it could have a huge effect on the first quarter of next year. The uncertainty is enough to fuel the need for first timers to get into the market NOW. I believe that this last few months of 2009 will prove to be a very busy time in the Real Estate business.
If you are planning on selling for any reason, you may regret waiting until next year. If I can be of any help to you or if you have any questions about Real Estate in general please contact me.
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