If your home is not currently listed and you hope to get your home sold this Spring, NOW is the time to put your home on the market. Traditionally in our area homesellers have waited until AFTER the Superbowl to list for the Spring market. But this year is different.
1. Homebuyers have a great incentive to LOOK EARLY this year.
Perhaps you've heard of the $8,000 tax credit for 1st time homebuyers. This credit expires at midnight on April 30, 2010. For any 1st time homebuyer who has NOT Contracted to buy a home by this date, THEIR TIME IS UP!
2. Homesellers have a great incentive to LIST EARLY this year.
Perhaps you've heard of the $6,500 tax credit incentive for long-time Homeowners. This credit also expires at midnight on April 30, 2010. This means that for any home seller who chooses to take advantage of this tax credit, they must also contract to buy a home by the April 30 deadline. I have found that many sellers do not want to take a home sale contingency in this market. That means that you better get a head start on the competition in order to have a chance at this once in a lifetime opportunity!
3. Banks have been holding onto properties.
Banks appear to be holding onto foreclosed properties rather than rush to list them. This means that at any moment a FLOOD OF PROPERTIES could ENTER your marketplace and become YOUR COMPETITION. That's right, BANKS may become one of your biggest competitors. We all know the prices that foreclosed homes get on the open market. Do you really want to compete against these homes?
4. More home sellers are trying to save their home from foreclosure by negotiating a Short Sale.
It is anticipated that the market will be flooded with more Short Sale homes as many homeowners can't continue to pay their mortgage obligation. This will probably place another Flood of Properties on the market very soon for three reasons:
a. Unemployment Continues to Rise
1. Causes a loss of income
2. Inablility to pay the mortgage
b. Adjustable Mortgage Resets
1. Rates Rise on homeowners loans
2. Payment Shock causes an inability to make the new mortgage payment
3. Homeowner has to sell
c. Loan Modifications Fail
1. Many homeowners have tried to take advantage of the Making Homes Affordable initiatives out of Washington DC
2. Many of the same owners are attempting to modify their mortgage
3. Statistically most of the modifications are failing to work. Many homeowners have already extended beyond the three month trial period and yet the banks are still not modifying the loans.
5. Interest Rates are Still LOW
For these reasons IF YOU ARE SERIOUS ABOUT SELLING YOUR HOME THIS SPRING . . . NOW is the time to GET A JUMP START on the COMPETITION!
Contact me at the number below if you would like an idea of how quickly we can get your home sold in this market. We have great marketing strategies that continue to work.
A recent home of ours in a competitive neighborhood had two good competing offers within 2 1/2 weeks of listing the home. Our seller sold the home for more than appraised value with a buyer who put 45% down and closed EARLY. There were two competing homes on the same street that backed to the same pond that were listed at the same time. Ours sold. Theirs didn't.
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