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Signs of Improvent on New-home Sales
Monday, December 27, 2010
Although the numbers are not fantastic and remain far belowthe rate economists consider healthy, the total number of new home sales rose5.5% in November over October. This is good news especially since the Octoberrate had matched the lowest level in 47 years. Economists still think it's a 3year period before we see the current number of 290,000 units per year rise tothe 600,000 units they consider the normal rate.
Home prices however continue to decline even as the total number of sales onboth new and existing homes begin to rise. With home values today approximately30% lower than the 2006 peak experts foresee and additional 5%-7% decrease in valuebefore stabilization begins in late 2011.
With the need to sell my house, or to sell my house fast these statisticscreate a good news/bad news scenario for all us homeowners. Needing to"sell my house fast" we are probably looking to avoid foreclosure.These increased sales numbers are the good news. Sales increases mean we have abetter chance to find the buyer we need in time to help us out of oursituations. This is a key factor especially for those trying to short sale thehouse in order to avoid foreclosure.
The need to sell my house, not necessarily fast, has us looking at the bad newsside. We may need to sell due to relocation, maybe our job, many reasonsforcing us to sell during these times may cause us to accept less money than weoriginally hoped. These circumstances beyond our control may not afford us theluxury of waiting for the market to begin it's comeback and prices to onceagain start climbing. Thus the bad news, we will not make the money we hopedfor, even though we do stand a better chance to actually get the home sold thanwe have in days past.
We buy houses and may be able to assist you. Regardless of your situation wemay be able to make you an offer to purchase very quickly, especially if youmust sell fast. When we buy houses we also may be able to close quicklydepending on the situation you are facing.
In these economic times be willing to entertain any offer you receive. If yoursituation, such as short sale requires an offer in order to avoid foreclosuredo not be afraid to accept an offer that seems extremely low. Let your bankmake that determination. Remember that in a short sale situation you will beforeclosed on if you do not eventually present an offer to purchase to yourlender.