Now Is The BEST Time To Sell Your Home! Here's Why:

Right now, and during the summer of 2009, is the absolute BEST time for a person who owns a home to sell it, AND receive the most money they will possible, for a couple of years. This isn't a sales pitch, this is serious. Here's why:

There is a moratorium on new bank foreclosures being put on the market. The #1 REO listing agent in town was averaging a standing inventory of around 200 listings at any given time in 2008. She now has around 80 listings. This is happening to REO listing agents all over Bakersfield. The 2 REO listing agents in my office have very few remaining REO listings, and are not being assigned any new ones. There is a lot less REO competition right now. This is good for those who own their home and are thinking about selling. The tragedy is, I have spoken to many homeowners who tell me they want to wait a few months and think it over. I strongly recommend AGAINST this idea.

In the fall, all of the REO properties that were NOT listed in the spring and summer, in addition to the properties that will become REOs at that time, will all be put on the market, AT THE SAME TIME. All of the banks have the same agenda- SELL THE HOMES AS QUICKLY AS POSSIBLE. If there are a few homes of the same size and general area, the banks will put low prices to beat the competition. What happens when the competition is significantly larger, and they are also REOs? Prices could PLUMMET. DROP. DIVE. What happens to home values when numerous properties are being sold for LESS? Values also go down.

Many homeowners think they don't have to worry about REOs. They believe that because it is a "Bank Foreclosure" it is automatically worth less. Not true. I have walked through many REOs that are drop dead gorgeous. Many foreclosures have never been LIVED in!

Then, homeowners decide to wait "a year or so" until the REO market ends, then sell their property. Unfortunately, it will take a long time for values to come back up to where we are today. Plus, you need to factor in use and wear for the time you wait, ESPECIALLY if you allow renters to live there for the time being.

If you own a home and are considering selling, you should STRONGLY consider that NOW is the BEST time to do it, in order to get the most value out of the home, before more REOs come back on the market.

If you have any questions, or would like to know what your home would sell for in today's market, please feel free to give me a call today!

661-616-3601 (office line)