Below are tips that will help those wishing to sell their homes in the coming month.
1. Short Window of Opportunity. While the banks are trying to correct and substantiate their foreclosure paperwork, large inventories of distressed properties coming to market have been delayed. That gives the current listing inventory a window of opportunity to sell before the additional downward pressure of these distressed properties is felt later in the fall.
2. Price it Right From the Beginning. It is crucially important to price the property correctly right out of the gate. Why? First, in a market where prices continue to decline, any additional time taken to sell the home only means a lower selling price. Second, research shows that properties that have experienced price adjustments wind up taking longer to sell and are sold for less money, no matter what the market conditions are.
3. Conforming Loan Limits. It will take an act of Congress to keep loan limits from falling on government backed jumbo loans in many of the higher priced regions in the country this fall. This will result in consumers paying as much as ½ to ¾ of a point more on the rate of their 30 year mortgage.
All The Best,
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