At this point, the experts do not know for sure how long it will take for banks to review the foreclosure documents or how this will impact our South Florida real estate market in the end, but we do know that already 1,154 foreclosures (REOs) in the past two weeks have been cancelled, withdrawn, terminated or temporary taken off the market according to Southeast Florida Shared MLS Database. In the two-week period immediately preceeding the announcement, only 225 were removed.
This affects buyers by having less houses to choose from, thus, there will likely be more offers on each house. And, as you know more competition means your offer has to be a good one. So, if you're thinking of buying, I recommend doing so as soon as possible before things get worse and keep in mind that the market has changed so you may need to put in a better offer than you would have say a month ago.
This affects sellers in a very positive way. If you are going to sell your house through a short sale or regular sale, more buyers will be looking at your house. So, you will likely get a better offer than you would have a month ago. If you're thinking of selling, now's the time.
A nationwide foreclosure moratorium (possibly being considered by Congress) would devastate our recovery efforts. In an effort to keep you informed of the latest information, we will update you as new news comes in.
No comments:
Post a Comment