Research Surrounding Home Prices Before Placing Your Property Up For Sale

In the history of our country the present time stands out as one of the most difficult for the residential housing market

. Of course there have always been bad times, and sometimes those times were regional, for example when a big factory closes that formerly employed many people who are suddenly out of work, resulting in many homes for sale in the same area.

It's a common situation that's recurred over and over since the beginning of the industrial revolution two hundred years ago. However, the present housing market has some similarities, to that historical problem, but it's happening all over the country. It seems like the prosperous areas are fewer in number than distressed areas, and yet there are many, many homes for sale everywhere. The situation is improving in certain areas of the country, but the overall problem is a long way from being resolved when you sell a house.

Looking at statistics, it often takes more than a year to sell a home now, even when the price is discounted and adjusted for the tough economy. The number of homes for sale in most metropolitan areas is enormous, and one noticeable trend is that expensive homes are listed in greater numbers than less expensive homes. Obviously, more buyers can afford cheaper homes, which means they sell and are taken off the market sooner than a much more desirable, more expensive home. It only stands to reason that more people need homes that are not in the higher price range during a recession. Keep this in mind when selling a house.

The dangerous combination of poor mortgage lending practices coupled with the slow economy cost the country many jobs, which leaves unemployed homeowners unable to pay their mortgages. Drive down nearly any street and you will notice homes for sale, some owned banks and mortgage companies. Part of what is happening in the market now is the number of foreclosed homes for sale is increasing, a trend that is very frightening. Bad decisions by lenders cost them their profits, and at the same time are costing homeowners their homes.

Whenever you see vacant homes, those are usually foreclosed homes because lenders don't want to deal with the hassles of leasing homes in the foreclosure process. To avoid having an inventory of vacant homes, especially vulnerable to theft and vandalism, many lenders will structure arrangements for the homeowners to stay in their home and pay rent, which can be a very workable solution for both parties.

by: Leo Kingston

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