More recently, and ever growing we face the challenges of closing transactions in the Triangle due to the rising trend of Short Sales. Foreclosure properties having been in a short sale position is also trending higher.

A recent survey by a well respected market prognosticator for the Wake County real estate markets staed of the 41 market segments at 300k in the area, only 4 a balanced supply/demand. 37 of those had an 11month supply and prices are seen as going lower.

So, what does all this mean for the homebuyer and seller? No, different than buying stocks market timing is nearly impossible. The market bottoms and then prices rise to be simply put. When this will occur is anyone’s guess.

The fearless should be cautious and the cautious fearless. The bottom line is their are plenty of bargains for those whom couldn’t get into the housing market a few years back. Now is your opportunity. Sellers have to be realistic about their expectations. Recently, I was looking at a home for my buyer priced at 269k and the same floorplan and several sales in the area was showing this home to be valued more like 229k.

Now that’s are haircut. Mr. Buyer wants to pay the lower and Mr. Seller waits ……and more and more frequently I’m seeing these sellers finally give up and give the keys back to the bank.

The good news is were seeing an emergence of networks beginning to move in and assist both the lender and seller for a reasonable resolution and the seller can still leave their home with some dignity intact.

If your selling your home and your facing many uncertainties, contact a professional Real Estate Agent with the credentials to manage and has a network of professionals to navigate the transaction successfully.

 

Jeff Dicks 

Certified Foreclosure Agent

Tags: foreclosures, foreclosures in wake county, raleigh foreclosures, short sales, short sales in wake county

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