Home prices remain depressed in some areas of the country, but for other areas prices continue to rise. This good news/bad news scenario can be different for buyers or sellers from market to market.

Many local housing markets are offering near equal measures of good news and bad news when it comes to buying and selling homes.

In some markets the good news is that housing prices are continuing to drop, making it easier for prospective homeowners to buy a home. Throughout much of California this holds true, especially in locales where foreclosures are still high, dragging down home values. Of course, this latter bit of information is bad news for sellers, especially those who are finding themselves upside down in their mortgages (owing more on their homes than what they are worth).

In other areas, the good news that housing prices are continuing to rise, allowing home sellers to see some gains on the sale of their homes. The bad news for buyers is that they’ll have to pay more for their homes, but their is a silver lining for even buyers — these markets which include Raleigh, NC; Grand Junction, CO; and Oklahoma City according to Zillow.com which tracks housing values with its Zindex survey.

Some prospective buyers are trying to time the market to jump in when prices bottom out. This is a risky game to play as it is virtually impossible to tell when a market has quit dropping. Statistics supporting housing trends are usually delayed by several months. This means that you could end up waiting too long to jump in and end up paying thousands of dollars more for your home.

Many home markets peaked some time in 2006; although further declines are still possible, some of these same markets are edging closer to beginning their recovery.

Zillow currently tracks the housing activity in 160 housing markets and has discovered that while 130 of the markets have seen their home values drop within the past year, 144 markets have returned positive annualized appreciation over the past five years. This means that if you bought your home in 2003 you shoudl be in good shape, but for some people who bought their homes in late 2005 or 2006 they could be in negative equity territory.

So, what is the best advice for buyers and sellers right now? Find out how your local housing market is performing and price your homes accordingly. A site like Zillow gives you a decent measuring tool on home values and real estate sales comparables (comps) from your realtor can give you a clear picture on the market today.

(Source: Zillow.com)

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Adv. — Are you in the market for a new home? SayLending.com is an excellent resource to help you finance your home and for finding useful budgeting tips and money management information.

Tags: Home Buying, Home Selling, home values, housing market, real estate, Zillow.com

If you are facing an irreversible financial problem, then to “short sell” your home is one method for possibly finding relief from an important debt obligation. With a short sell, you have found a buyer who is willing to purchase your home at a cost that is less than your mortgage’s outstanding balance. Yes, your lender loses money on the deal and so do you; but a short sell is an option that your lender may accept provided that you have done your research.

Why A Short Sell?

Why would any lender accept a loss on the sale of your home? For a few reasons: if you can convince the mortgage holder that you are hopelessly behind on payments and that you have no possible way to make additional payments, then you are a strong candidate for a short sell. The foreclosure process is costly, something that your lender will have to handle. With a short sell, your lender can reduce their lawyer fees, avoid dealing with your pending bankruptcy and the usual delays that take place with foreclosing (including eviction costs), and not have to be responsible for managing and disposing your property which can add thousands of dollars to their costs.

Your Buyer’s Offer Might Be Considered

A mortgage lender may consider a short sell if the price the new owner is offering to pay for your home is close to its current value. If their offered price is significantly lower, then you will be tasked with convincing your lender that it in their best interests to go with what is a certain sale now versus having to later manage a hard to dispose of and costly piece of property later.

To gain the upper hand in this battle, you may need to document that your home requires extensive repairs, that the housing and/or job market is unfavorable, or you may need to outline some other plan to persuade your lender to accept a short sell.

Avoid Bankruptcy & Fix Your Credit

For consumers, a short sell is better than a foreclosure because the second option means that your credit standing has been wrecked. By choosing a short sell, you can mend a still-damaged credit rating faster and return to the housing market quicker once you demonstrate that your financial situation has improved.

Further Reading

Home Selling Services

How To Short Sell Real Estate

Making the case for short selling

5-Step Home Selling Plan

Tags: bankruptcy, credit, foreclosure, Home Selling, mortgages, personal finances, real estate, short sale, short sell

The holidays really aren’t a bad time to sell your home

The hustle and bustle of the holiday season means that people are preoccupied with shopping, baking, going to Christmas parties, visiting family, and so much more. The time just before Thanksgiving to the early part of the New Year is usually the busiest for everyone. So, why on earth would you try to sell your home this time of the year?

Well, for several reasons including some you may not have thought of previously:

It Isn’t Their Holiday — Although Christmas is often simply called the “Holiday Season” in order to include everyone, this time of year isn’t marked in the same way by everyone. Your buyers may not celebrate your holidays, but they would certainly welcome the opportunity to see your home, especially as their housing choices are temporarily reduced. No, you may not want to show your home on Christmas Eve, but a wise real estate agent can work around your holiday schedule.

Hungry Buyers — No matter what the season, there will always be people looking to buy a home. You may not be able to close in time for the holidays, but striking a deal during this festive season can be done. Companies transfer people throughout the year, families outgrow their homes, life goes on. If a family was in the market for a home before the holiday season, they’re still in the market today — they just haven’t found your home yet. Deck it out in its Christmas finest and you’ll showcase a home that is warm, inviting, and certainly ready to sell.

You Have To Move Anyway — Your spouse has learned that the company plans on transferring your family immediately after the first of the year. Quite frankly, you cannot put off selling your home. Make the most of a difficult situation by tastefully decorating the outside of your home for maximum appeal, what real estate agents call “staging” but what you know as “decorating for the holidays.” There is something about curb appeal that draws in the buyers; stick a “for sale” sign in the hand of a snowman for whimsical “can’t miss” visual appeal.

Motivated Real Estate Agents — Although most real estate agents plan for the extended down time, it could be that your agent would welcome the opportunity to make a sale before the year closes. With fewer listings in her arsenal, some agents are looking to serve those clients who simply cannot wait for the holiday hoopla to end. Let’s do the math: A Hungry Buyer + One Motivated Real Estate Agent = A Satisfied Home Seller.

Short of a monster snowstorm that would stop everything for a few days anyway, you can entertain buyers when the calendar says December. You may not get many lookers, but all it takes is for one buyer whose heart has been stirred to buy your home during the holiday season.

Tags: getting your home ready for the sale, home sale, Home Selling, home selling method, selling a home