TO MOVE OR NOT TO MOVE IS THE QUESTION

Dated: 11/14/2014

Views: 3033

TO MOVE OR NOT TO MOVE... IS THE QUESTION   WHY IS IT IMPORTANT TO UNDERSTAND TODAY'S MARKET? WELL, FIRST OF ALL IF YOU PLAN TO BUY OR SELL THE MARKET IS QUITE A DIFFERENT PLACE THAN IT WAS 6 YEARS AGO. IF YOU HAVE NOT MADE A MOVE DURING THIS PAST FRAME TIME, YOU SHOULD BE DOING YOUR DUE DILIGENCE PRIOR TO BUYING OR SELLING. THE REAL ESTATE MARKET HAS HAD IT'S MOST DRAMATIC CHANGES THAT ANYONE HAS EVER SEEN. THERE ARE STILL SO MANY HOMES THAT ARE EITHER SHORT SALE OR BANK OWNED STATUS. SHORT SALES MEAN THE SELLER MAY STILL BE LIVING IN THE HOUSE AND WORKING WITH THE BANK TO HAVE THEIR HOME SOLD SO THEY CAN MOVE ON AND BEGIN A PROCESS OF REPAIRING THEIR CREDIT SO THEY CAN AGAIN SOMEDAY MAKE ANOTHER HOME PURCHASE. BANK OWNED ALSO KNOWN AS REO HOMES MEANS THE SELLER IS NO LONGER A PART OF THE TRANSACTION AND WHEN A BID IS PLACED YOU ARE DEALING STRICKLY WITH THE BANK THAT HOLDS THAT HOUSE. YOU ARE PROBABLY WONDERING WHAT SCENARIO IS BEST IF YOU DECIDE TO EXPLORE THIS AVENUE OF HOMES, WELL... BOTH SCENARIOS COULD BE LONG DEPENDING ON THE BANK YOU ARE DEALING WITH AND IF THEY ARE BACK LOGGED ON THE REO SYSTEM. SOMETIMES ITS THE BEST SCEARIO AND CLOSES VERY QUICKLY IF THE BANK IS READY TO GO. IF YOU ARE DEALING WITH A SHORT SALE AND THE SELLER IS COOPERATIVE AND WANTS TO MOVE AND THE BANK IS ON THE SAME PAGE WITH THE SELLER IT COULD MOVE QUICKLY, BUT REMEMBER THERE ARE TWO PARTIES YOU ARE DEALING WITH; NOT JUST THE SELLER OR JUST THE BANK. NO ONE CAN EVER SAY FOR SURE HOW LONG THE PROCESS WILL TAKE.   LET'S SAY YOU WANT TO BUY A HOME THAT HAS NO STRESS.... WORK WITH A BUYER AGENT AND HAVE THAT AGENT GIVE YOU THE MOST RECENT COMPARABLES TO SEE WHAT IS HAPPEING IN YOUR NEIGHBORHOOD IF YOU ARE SELLING AND IF YOU ARE BUYING THE SAME APPLIES. READ THE COMPARABLES CAREFULLY, THEY TELL A STORY ABOUT THE HOUSE AND DESCRIBE ANY NEW OR NEWER UPGRADES TO THAT HOUSE. SHOULD YOU BE SELLING SEE HOW YOUR HOME STACKS UP AGAINST THE HOMES THAT HAVE RECENTLY SOLD. IF THERE ARE A NUMBER OF DISTRESSED PROPERTIES IN YOUR NEIGHBORHOOD IT MAY TAKE MORE TIME TO HAVE A RECOVERY OF EQUITY. TOO MANY DISTRESSED SALES DO HAVE A NEGATIVE EFFECT ON A NEIGHBORHOOD.   BOTTOM LINE: REAL ESTATE IS TRULY LOCAL AND DUE DILIGENCE IS CERTAINLY RECOMMENDED FOR ANYONE LOOKING TO BUY OR SELL. DON'T TAKE FOR GRANTED THAT YOU KNOW THE MARKET BECAUSE YOU WATCH A LOT OF TV. UNLESS THAT NEWS CAST IS TALKING ABOUT YOUR SPECIFIC MARKET THEY ARE GENERALIZING ABOUT WHERE CURRENT TRENDS ARE HEADING. HOPEFULLY THIS WILL GIVE YOU SOME INSITE ABOUT HOW PRICING GETS ESTABLISHED WETHER YOU ARE BUYING OR SELLING. I WELCOME QUESTIONS AND WILL DO MY BEST TO HELP CLARIFY ANY SCENARIOS YOU HAVE INTEREST IN TALKING ABOUT.  
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Pamela Camiscioni

Pam’s a residential agent for over 20 years servicing clients from first timers to retirees covering all aspects of the residential real estate spectrum from listing your home to finalizing your new....

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