investments

Are Short Sales & Foreclosures Around The Corner?

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Many are concerned that the housing market will experience a wave of foreclosures and short sales. The fact of the matter is, we aren’t in a housing bubble like we were 15 years ago. There are also fewer homeowners in trouble this time. According to the Wall Street journal, in the last housing crash in 2008, an estimated 9 million people lost their homes to foreclosure or short sale. Fast forward to 2021, the total number of mortgages still in forbearance stood around 1 million.

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First Impressions Will Sell Your Home

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Although the market is hot, and homes are selling quickly, it is still important to make a good first impression on potential buyers. Starting with price.

Pricing is crucial, as it is one of the first things buyers will notice. If you price your home right, it’ll draw attention from competing buyers. If you price too high, it could put you at a disadvantage by discouraging prospective buyers from making an offer.

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Understanding The Appraisal Gap

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When supply is low and demand is high, prices naturally rise and that’s what’s happening in today’s Real Estate Market. Home prices are continuing to appreciate at near-historic rates, which creates challenges when it comes to home appraisals.

In the last few months, it’s become increasingly common for an appraisal to come in below the negotiated contract price. This difference is known as the ‘appraisal gap.’

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