Foreclosure Price Rise Signals Market Move
Posted by Bill Mann on Monday, October 1st, 2012 at 4:55pm.
In August, the number of new foreclosures listed nationally barely crept upward -- even as average sale prices leapt dramatically. Realtytrac compiles the numbers, and they show a sizeable 10%+ jump in foreclosure sales prices from July to August. Of course, homes listed as foreclosures and short sales still close at prices markedly lower than homes sold in traditional transactions, but that rise in price seems to say that more buyers are feeling confident that a home purchased now will look like a wise move in the future.
If you have been looking at the distressed property market in the Delaware Resort area, these numbers suggest that the short sale and foreclosure possibilities are still being created -- and that the value they represent is getting a boost of market verification. But before anyone rushes out to take advantage of that market, it’s a good idea to consider enlisting the help of a buyer’s agent. It’s no exaggeration to say that a great buyer’s agent can help make or break a short sale.
Helping you find a price that works is one of the most valuable services a buyer’s agent will supply. Banks will turn down a short sale if they determine it is possible to sell a home at a price closer to its market value. Nobody wants to overpay -- but you won’t get a house by overplaying your hand, either. A knowledgeable Lewes buyer’s agent with a local market track record can be invaluable when it comes to determining how the price you are contemplating is likely to be received at the bank.
As Realtytrac’s report suggest, it’s a fast-moving market. Anyone who has fallen in love with a house only to learn that theirs was the least attractive offer knows the sting of underestimating the market. An experienced buyer’s agent can help you determine if it is likely that there are multiple offers on a home -- and whether a bidding war is likely to ensue. If you want that house, a savvy buyer’s agent can be your secret weapon.
In the larger picture, stepping back from the sometimes emotional side of the process, a well-versed Lewes buyer’s agent can help you determine if a home offered as a short sale is a good buy overall. Even when a home is priced well below market value, some wind up needing costly repairs that consume the cash saved on the purchase price. You need to compare apples to apples -- a great buyer’s agent can help you compare the potential real cost of buying a home that initially might have appeared to be available at an irresistible discount.
If you are curious about Lewes homes in the short sale and foreclosure markets, We are standing by to put our experience to work for you. Supplying the knowledge that helps make excellent long-term decisions -- then applying strategies that put them into action – are the ways we've built a reputation for hard work and solid results. Call us anytime!#shareaholic#
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Mann & Sons, Inc. REALTORS®
302.542.1696 Cell • 302.227.9477 Office