Prices are headed down, growth is in negative territory, Days on Market, DOM is on the rise and prices reductions are much more frequent, proving that the market is starting to trend downwards. The only reason prices haven’t fallen that much yet, despite high mortgage rates, is because inventory is still very low.
As soon as inventory increases even just a little bit, it will turn into a buyer’s market. There will be more houses for sale than buyers willing to take on an expensive house payment.
If you NEED or want to sell, don’t waste any time. Don’t be caught trying to ‘catch a falling knife’. You want that ‘first mover’s advantage’. Once it’s common knowledge that the market has topped out, more sellers will pile into the market to dump their real estate and it will spiral from there. Call your favorite Realtor and get going, and BE REALISTIC.
If you have a big fixer upper, or foreclosure, or divorce, something messy, if you need to move quickly or you think you owe more than your property is worth, give us a call. We will help you sort through what might be your best options. There are ways to get top dollar if you’re flexible and reasonable.
What could increase inventory?
Foreclosures, for one. My contractor said that he has been contacted by an asset management company… those are the people who manage the foreclosures for big institutions… REOs (Real Estate Owned). They say the inventory is hidden for now, but soon many more houses will be on the market. They want him ready to do their repairs.
Another thing that could increase inventory… people who have been holding out, holding on to their 3% mortgage. But as recessionary factors start to squeeze a family’s cash flow, they will be forced to sell and rent, move in with family, or move to a cheaper part of the country. Maybe not here and not yet, but rents are starting to decrease across the nation… we thought rents would just keep going up, didn’t we?
The impending implosion of commercial real estate (which will affect the balance sheets of many regional banks who hold 2 trillion dollars worth of commercial debt) could spill over into residential sectors and be deflationary (cause a drop prices).
Here are a couple of videos I would recommend you watch right now… DON’T WAIT:
Even if you ‘miss the boat’ and get caught after the down turn is underway, there is still hope. In today’s high interest rate climate, offering terms, or owner financing, or seller financing… is THE BEST way to get the highest price for your property. That’s why the builders are doing it.
To learn more about the benefits and the SAFE ways to do this can be found at www.NoteQueen.com. I’ve been using owner financing to buy and sell property for many years. I also buy promissory notes, so I know the market backwards and forwards, and it is why people from all over the country hire me to consult in these types of situations.
And it’s not a scam. Otherwise the Realtor Boards would not have a Seller Financing Addendum in the portfolio of contracts for their real estate agents. You just have to know how to do it the right way. And unless your attorney, broker or CPA buys notes for their own portfolio, they really can’t give you the best advice, sadly.
But cash is still king, and we will happily buy your property for cash if we can agree upon a price that works for both of us 🙂