What? That's crazy! Haven't you heard the news? It's a buyers market, the market is flooded with foreclosures, and banks aren't lending money.
Well maybe not. First, banks are lending money. I've yet to have one qualified buyer turned down for a loan. Underwriting is taking a little longer, and sometimes they are raising issues the day before closing, causing a delay, but they are still making loans.
Second, listings are down. Plus a big portion of the listings that are out there are in foreclosure and in poor condition. Because of changes in the lending industry, first time buyers are almost exclusively buying with FHA loans. FHA has certain requirements for the condition of the homes it will back a mortgage on. Most of the foreclosures don't qualify. So the fanciable inventory is down even further.
Third, who wants $8000? Any guesses? Give up? The answer: everyone. This means more buyers.
This is creating a situation where the number of qualified buyers is out growing the number of attractive fanciable well priced homes. We are seeing homes sell in a week, in a day, in a few hours. They are all well priced homes, so don't confuse this to mean that your home is actually going up in value. Buyers still have high expectations for what they can get for the money. But your chances of selling may be better than you thought.
In some of our price ranges we have good support now, the higher ranges however are still under pressure.