I ask this question because there are still many homes on the market where people are not in need of selling, but they want to “test the market.”
As most of you know, we are in a “Buyer’s Market.” To understand this better, SUPPLY and DEMAND still set prices in all market places. Sellers do not dictate prices, nor can Realtors. It’s the marketplace (buyers) that set prices!
When there is little demand of a product, prices go LOWER. As Demand rises, prices INCREASE.
Even though sales have increased dramatically over the past 3-4 months, and we are seeing a slight rise in home prices, we still have an over-built housing market with too many homes on the market and this is why prices fell to what they are today. Until we begin to deplete our inventory of properties on the market, we will not see prices rise to a normal rate of increase. And this will not occur until banks start working with borrowers who are “upside down with their loans,” to help them restructure their existing loan into a more affordable rate they can handle. To date, we see very little of this happening in spite of the money that has been given to the banks for them to do just that! Instead, they have taken these stimulus funds and held onto them for dear life, leaving the seller out in the cold and headed for foreclosure.
Lenders Urged to Move Quicker on Mortgage Modifications.
If you are thinking of selling your home in today’s marketplace, ask yourself, “Do I really need to sell?” If the answer is “no,” then my suggestion would be to “hold off” until the economy strengthens and our inventory is depleted of the many foreclosed homes on the marketplace today!
If you are still unsure contact me and we can discuss your options.
Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!
Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com
September 15, 2009 at 5:03 pm |
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