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2011 Predictions for Home Sellers

January 6, 2011
Crystal ball

Image via Wikipedia

1. More Distressed Homes Come on Market, but ‘Regular’ Deals Have Cachet

Even though as a percentage of the market, shortsales and foreclosures are down from recent quarters, they still make up a huge segment of the homes available for sale, and will for some time now.  According to the article referenced in the link below, the average foreclosed home sells for 32% less than the average non-foreclosure.  However, the fears of obtaining clear title through a foreclosure sale due to the robo-signing scandal and the time investment required in a shortsale make non distressed sales the best and most appealing option for buyers, but they will still expect pricing comparable to the distressed sales.

2. Sellers Learn to Manufacture Urgency

“In 2011, only sellers who need to sell will sell, in all but the few stabilizing and rising markets. The trend of sellers getting aggressive about cutting their list prices will continue, and truly serious sellers will begin to simply set prices aggressively low in the first place.” says Tara-Nichole Nelson.   Competition will get fierce as those who need to sell agressively price and stage their home in hopes of positioning it to be the best of the best.

 3. Condos Become Even More Difficult to Sell

The reason for this is the spiraling vortex of cause and effect issues between the HOA’s and difficulties in getting FHA approval on condo communities.

4. Prices Bounce Along the Bottom, With Notable Exceptions

Many experts believe we have hit the 2nd dip in our recession and there are speculations about what homeprices will do throughout the next year.  The fact is, and I think everyone agrees and acknowledges that we didnt get into this mess overnight, we wont get out of it overnight either!

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