There has been some speculation that the real estate market in 2012 will end stronger than it did in 2011. However, there has been little evidence of this in recent months. The fact of the matter is that this year‚Äôs RE market is likely to be much the same as the year before.
One of the reasons that the real estate market is not looking up is that there is another round of foreclosures going on right now, and will likely continue for months yet. These foreclosures are due to the fact that the economy is still in trouble, and there are still people without jobs or losing jobs. In addition, many adjustable rate mortgages are coming up. This means that a lot of people who have been maintaining their payments may not be able to continue doing so when their payment amount goes up. This will likely result in another round of foreclosures that will flood the market with houses.
The market being flooded with homes is good news for buyers, but bad news for sellers. It is definitely a buyer‚Äôs market. There are so many houses out there for sale that buyers can be as choosy as they like. On the other hand, sellers will get the short end of the deal. Most people will not get their asking price for the house. In addition, the asking price could be decreased over time the longer the house sits on the market. Overall, a seller could be out tens of thousands of dollars by their house sitting on the market too long.
For this reason, those who can afford to wait may want to continue to wait to put their house on the market. The year 2012 will not be much better than last year, and it may be wiser to wait until next year to put your house up for sale. However, not everyone can afford to wait.
If you must put your house up for sale now, you still have a few options. There are Real Estate Service companies that may be willing to purchase your home so that you make a quick sale. These services then resell the home either now or in the future when the market is better. Basically, they are making an investment, and you are getting a great deal where you get the cash for your house almost immediately.
This option is not available for everyone. After all, the company has to feel that they will get a return on their investment, so the house needs to be marketable. However, for many sellers this is a viable option that may help you bear a RE market that simply is not in favor of the seller.