Now is the time to be selling property in Melbourne Florida, actually anywhere in Florida and across the USA. Predictions estimate more than 10 million foreclosure properties (referred to as shadow inventory) are lurking behind the scenes. These foreclosed properties will eventually make their way back to the market place. Thoughts are, it may not be until after the election since so many of the foreclosed properties are Fannie and Freddie owned.
According to Realty Track, Bank Foreclosures will surge in 2012. When the foreclosure properties hit the real estate market, supply and demand will shift and, chances are, prices will be affected as well. Non distressed properties selling in the midst of short sales and foreclosures will once again suffer. With the flood of properties for sale, days on market will increase, prices will decrease and it will be difficult to sell.
Selling property in this false market, there is a perceived notion that there are a limited amount of properties for sale. There have been multiple offers and even over asking price offers. Consumers are lead to believe we are out of the woods, we are not. The bulk of foreclosure robo signings that were pulled from the market in 2010 are only dribbling back to today’s real estate market.
If you have any notions of selling property, NOW is the time! (Before the “you know what” hits the fan.) Get ahead of the storm by selling property in this rosie looking false market, you’re apt to get a better price and sell quicker. If you wait, you’ll just have one more regret of woulda, shoulda, coulda sold before the market flooded with foreclosures.
The good news, the foreclosures waiting to return to the market place are like an imminent hurricane, we know it’s coming and we can prepare. Once this last storm passes the sun will shine bright and we will be headed back to a stable real estate market in about six to eight years.