Good question! As economic difficulties continue and the unemployment rate escalates, more homes will move into foreclosure. The 2008-2009 rounds of foreclosures were mostly due to questionable loans to many folks who went over their heads as interest rates adjusted and taxes increased. The next round will be prime mortgages going delinquent.
Neighborhoods will continue to be impacted by foreclosure pricing throughout 2010. BUYERS WILL CONTINUE TO HAVE THE UPPER HAND. Sellers with good equity or a need to move will continue to list and sell homes. The lenders will, most likely, begin to become more aggressive to fund buyers with good credit. However, all of this will lead to a major adjustment of home values in our market. The recommendation is to BUY!! The recommendation to sellers is to come on the market early, price your home to sell and get your home professionally staged for a successful and quick sale.
If you want to learn what the value of your home is, please email us at piketteamrealtors@hotmail.com. If you are looking to be set up on one of our free home searches, please email us at kevinpiket@johngreenerealtor.com.