U.S. foreclosure rates fell for the third straight month according to RealtyTrac’s new report. New foreclosure fillings in June dropped 2.81 percent from the previous month and 6.98 percent from the previous year.
While foreclosure rates are falling, they are still at high levels with 16 straight months of readings of over 300,000. Still 410 out of every 411 homes are not in foreclosure, so there is still some strength in the housing market.
While saying that, we are certainly still in a wholesale housing market. Retail is just not where it is right now. So, if you are one of those 410 homes that are not in foreclosure and want to sell, then you should really look at pricing your home to feel like a deal.
You might have a list of comparable sales that your Realtor can prepare for you ready for folks previewing your home to look at. Obviously, do all the staging necessary to sell the home right – and remember that the foreclosed properties that they are comparing your home to are going to be in much inferior conditions.
And, consider offering a buydown on your home. That is, offer to pay extra in closing costs to permanently buy the rate down for the new buyer of your home. That would mean, assuming a well-qualified buyer, that if you paid 2% of their loan amount to buy the rate down, you buyers would lock a 30 year fixed rate at 3.875%.
Now that is appealing to the wholesale buyer that is out there today.
And, don’t worry, what you give up on the sale of your home, you will make up on price and rate on the purchase of your next home.
Related posts:
