If you plan on moving anytime in 2011, you should strongly consider selling your house now rather than waiting. Here are five reasons why:
- This is when your house will get the most exposure. The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW.
- Foreclosures and short sales will increase in about 90 days. The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales that will still be coming to market.
As an example, LPS reported in their latest Mortgage Monitor that:
- There are still twice as many loans going 90+ days delinquent as are starting foreclosure
- There are almost three times the number of foreclosure starts as there are foreclosure sales
- Distressed property inventory levels are almost 45 times the rate of monthly foreclosure sales
This means that there is a backlog of properties which will start coming to the market in about 90 days as banks clear up their paperwork challenges. These properties sell at dramatic discounts. They will be your competition. Both Fannie Mae and Freddie Mac have recently discussed the magnitude of this challenge.
To learn the three other reasons CLICK HERE
To gain insight on the specifics of the Western North Carolina market download a copy of the Beverly-Hanks 2011 Quarter One Market Report. We thoroughly analyze the region as a whole and the delve into each county’s specific market place. And if you would like some assistance making sense of the information, please feel free to contact us and we would be happy to provide expert counsel.