When interest rates dropped drastically due to the economy to promote home ownership it was a “Buyer’s market”. Buyers were able to get loans with as low as 3% interest rate! They were making lower offers for properties and sellers were accepting them!
With that said the market has taken a turn for the sellers. Homes are now receiving multiple offers and prices are creeping higher! With our short sales it is no different; we are receiving multiple offers within days of listing the home. Due to the lack of inventory on the market, buyers are finding themselves fighting for homes with other buyers!
If you are considering a short sale this can only benefit you! Previously buyers and their agents would shy away from short sale listings due to the time it took to be accepted and the lengthy process it could take. We are now finding more and more agents and buyers open to putting offers on our short sale listings. We found more investors going after short sales in the past, but now we are receiving more first and second time home buyers putting offers on the houses we have on the market. According to Real Estate Experts this will only increase in time as we head into the New Year!
We went to a Wells Fargo Event a couple days ago and they were stating that short sales are becoming the new trend to avoid foreclosure. Many REO agents are finding themselves with less Foreclosure listings as this trend is moving homeowners to sell their homes, instead of abandoning and letting them foreclose. We will begin to see fewer foreclosures on the market which will only help with housing prices. This is fantastic news for you! Banks are coming around and implementing better systems to effectively process short sales. When before it was like pulling teeth to get a bank to review an offer or push through an approval now they are eager to review short sales as an alternative to Foreclosure.
With this being a Sellers’ market and properties being in demand this can only BENEFIT you as a homeowner. Whether you are selling your home traditionally or in a financial hardship this is the time to do it! Banks are being more cooperative with short sales and we are finding faster turnaround times for these short sale approvals.
Here at Oyezz Real estate short sales is ALL we do. We have been doing this since 2007 and will continue to help those in a financial hardship. If you have any questions on whether you qualify or about the short sale process please feel free to call us at 972-342-0011. Whether you are an agent or borrower we are here to help.