Sell Your Home For More Before Foreclosures Surge Higher?
The foreclosure eviction moratorium was extended another month last week to the end of July. Here are some facts about the number of loans in forbearance—
The media hype, is just that, Hype! Doom and gloom sells papers, but the reality is that most homeowners who are in forbearance have plenty of equity to sell and walk away with money in their pockets.
A Cold Front Hits the Denver Real Estate Market
The late summer slowdown is here, but it won’t last. In the past two weeks, I have helped clients get homes under contract without a bidding war! It seems that only a few weeks ago, every home we looked at had multiple offers and was selling for 10-20% over the list price. In two out of the three contracts, the buyer ended up getting the home for less than asking, something I haven’t seen for over a year!
Right now, even a great property at an affordable price point might see 20 to 30 showings and 2 or 3 offers, versus 100 showings and 15+ offers that we saw in April.
Why has the market cooled off? Honestly, it does so every year beginning around Father’s Day. Second, there is HUGE PENT-UP DEMAND FOR VACATIONS as many people didn’t take a vacation last year. And when you are on vacation you are not looking at homes typically. Third, Wells Fargo senior economist Mark Vitner added that more employers are starting to call employees back to the office in other states. Thus, demand for housing in Colorado may drop especially in the mountain resort towns.
So, what should we do? Take advantage of this cold front and get off the fence. If you have been waiting for the right time to buy, NOW IS THE TIME to aggressively shop for a home and get under contract.
Third, with your sellers make sure they price their homes competitively. Every summer I see this happen—a seller in June or July knows a neighbor or friend or co-worker who listed their home for sale in April for $499k and it sold for $575k and this new seller wants to list their home for $575k in hopes of getting even more. The best way to get the most money is to list your home just below the market and create demand and scarcity. Here is a link to the Denver Post story from June 27th--