market value

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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The Housing Supply is Rising

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The housing supply is rising! What does that mean for buyers? More inventory equals more options. We are still not close to a balanced market; however, we are starting to see an uptick in new housing inventory coming to the market. The new available housing inventory will allow buyers to keep the buying process moving forward. Now is the time to buy as mortgage rates are beginning to increase, which will make purchasing a home less affordable as time passes.

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