By Robyn Brand, aka Robyn the Rockstar, REALTOR®
As we all know, the U.S. housing market is on the mend and we are seeing that right now it is a
seller’s market. Stories of multiple offers, most way above asking price, with
people lining up in the hundreds for open houses, are circling and this trend is
becoming the norm. With that said, the
inventory of houses on the market is still fairly low. Sellers need to take
advantage of this current market, with the increase in closing price, as
negotiations can end up increasing the final closing price thousands more than
what the property originally listed for.
If you have previously listed your home on the market and this did not happen for you, let’s say your listing agreement expired with your agent, or you were unhappy with the lack of marketing, chances are you hired the wrong Realtor, because this market is HOT and your Realtor should be negotiating this for you.
In this current market contingency sales are also becoming the norm. When someone sells their home, they want to buy their next home, whether it be upgrading, downsizing, or simply relocating, using the proceeds of their current home sale to purchase the next. This is simple to do, if the seller understands the buying side can take a bit more time in getting your offer accepted, therefore you need to be actively shopping for your next home at the same time that yours is on the market. Both transactions are done at the same to create a smooth transition. Again, your Realtor should be negotiating the timing for you, so that the day you hand over your keys, is the same day, if not earlier, that you get keys to your new home.
Lastly, short sales are still a healthy source of inventory on the market right now. There are a multitude of reasons why it is better to allow your home to be sold in a short sale rather than letting it go to foreclosure. Besides the lesser negative impact on your credit score, you can be a homeowner again in two (2) years, versus the seven (7) you must wait in a foreclosure. After a foreclosure, your creditor has the right to pursue you for a deficiency judgment, when in a short sale that can be negotiated out. A short sale does not interfere with employment credit checks like foreclosures do, and you can still get security clearance with a short sale on your record. All in all, if you are unable to make your payment, and need short sale assistance, contact your Realtor as soon as you can. Timing on a short sale is everything and it will be crunch time if you wait until you receive your Notice of Default from the bank.
Caldwell & Taylor Realtors take pride in being your local, knowledgeable, active Real Estate market gurus. If you have any questions please feel free to contact us. We are here to help!
OUR FEATURED LISTING is located at:
39 N. Buena Vista St., Redlands, CA 92373
MLS# EV13027812