Netter Real Estate and others in-the-know in the real estate industry like Steve Harney and his KCM Crew have been counseling our clients who need to get their property sold within the next 18 months have a “window of opportunity” to sell at higher prices. There is a flood of distressed properties that will be introduced to the market and like it or not, the reality of the real estate market is that pricing of all the homes on the market will be affected. That window of opportunity is
starting to close.
For the last ten months, the banks faced many challenges with the paperwork involved in the foreclosure process and have come under serious scrutiny, keeping these properties from hitting the market. It seems the banks have overcome these
challenges and are beginning to put these distressed properties on the market, the evidence of which was reported in RealtyTrac’s September Foreclosure Report:
“Default notices were filed for the first time on a total of 78,880 U.S. properties in August, a nine-month high and a 33 percent increase from July — the biggest month-over-month increase since August 2007.”
James Saccacio, CEO of RealtyTrac went on to explain:
“The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems. It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process.”
Foreclosures are unpleasant but necessary in teh ultimate recovery of the housing market in particular and the economy as a whole. If you need to sell and you do not own a distressed property, you will also be affected by signs like these on your neighbors' lawns. Contact Netter Real Estate 631-661-5100 now to find out what your best options are.
On CNBC’s Realty Check, Diana Olick quoted a spokesperson for Bank of America:
“ Strong gains like that from July to August demonstrate our progress – primarily in judicial states — clearing more volume to advance to foreclosure once we pass the numerous quality controls we have in place and exhaust all options with homeowners.”
The impact of the impending foreclosure flood will be felt from coast to coast. New Jersey Superior Court Judge Mary Jacobson recently cleared the way for the top banks to resume foreclosures in the state. The impact this will have on the number of distressed properties can be clearly seen in these statistics reported by Housing Wire:
“In October, New Jersey had the 24th highest foreclosure rate in the country, with servicers filing roughly 5,200 foreclosures that month, according to RealtyTrac. By July, the Garden State’s foreclosure rate dropped to 42nd with just 1,112 filings last month.”
ForeclosureRadar, which handles research in California, Oregon, Washington, Arizona and Nevada, last week reported:
“Foreclosure starts rose in every state.”
Bottom Line:
If you currently are selling your home, price it to compel a buyer to purchase it now. Waiting will cause you to compete with an increased number of distressed properties which sell at dramatically discounted prices.
If you need to sell NOW and need to get the highest price that today’s market will bear, turn to Netter Real Estate. Our agents at Netter Real Estate are pricing and marketing experts.
If you are a buyer who wants to enjoy the benefits of this historic real estate market, talk to one of Netter Real Estate’s fine professionals to find the home of your dreams. Right now with reasonable prices and incredibly low interest rates, it
is truly time to become a homeowner.
Please check our website regularly for Netter Real Estate happenings and be sure to “like” the Netter Real Estate fan page on Facebook for up-to-the-minute information on what’s going on in our community.
Netter Real Estate, serving our community since 1949.
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