There’s a good argument that the next several months might result in the best sales price you’re likely to see for a few years.
Although the price trend for homes has been down for some time, it’s likely to continue for at least the rest of 2010. There is heavy supply now plus a “shadow supply” of homes temporarily taken off the market out of frustration, and then a backup of foreclosures that has resulted from a failed government program to prevent foreclosures.
Also, mortgage rates are being kept artificially low by a Federal Reserve program due to expire next month. Even if it’s extended, it won’t be for long, and then mortgage rates will climb, making it harder for buyers to afford the payments.
Some respected housing experts believe that prices could fall another 10 percent this year, and then recover only at the rate of inflation. If that turns out to be true, it would take a MINIMUM of three or four years before prices get back only to where they are today.
So if you’re thinking about selling your home in the next few years, it’s at least worth exploring the possibilities now.
Posted by:
Brian Hays
