Living in the Midwest, we seem to have dodged the bullet. The foreclosures in our area do not even compare to the extremes that the East & West Coasts are experiencing. Don't get me wrong, there is an increase in our foreclsure rate, but not at the magnitude of the Coastal areas. I have always used the analogy for the Midwest as, "The Little Engine that Could." While they were dealing with large inflations to their home prices, we were moving upward at a much slower pace. Now that the housing market is correcting itself, we have remained steady.
One Emotion that the News Networks have created is Panic! "Home Sales Down" "Foreclosures at Record Levels" It has been brought to my attention, that home sales have been at a record setting pace over the last 2 years? Granted, we are not seeing the inflated prices, but homes are selling. So the next time you hear a report about housing, take a moment to find out what location of the nation they are talking about.
O.K., so you have a home on your street or subdivision that is in foreclsure. Don't panic, be a good Neighbor. That's right, be a good neighbor. By that I mean, get a group together to keep the yard in shape. Outward appearances will keep the neighborhood at top dollar.
Now you want to sell, and that darn foreclosure is going to be used as a comparable to your home. Don't despair. Legitimate appraisers will look at the full picture. They will take into account the tax rolls, to see if there is a huge discrepency between the appraised price and actual selling price. They will also look at the local MLS. Appraisers see through different eyes than homeowners and Real Estate Agents.
I could talk forever. If you would like more detail about the blog, or would like to talk about Real Estate in general, please contact me.
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