A new CNNMoney.com report states that as real estate values around the nation have collapsed the sales of foreclosed and short sales homes have risen. Zillow.com also reported that nearly 20% of the nation's home sales in 2008 of bank owned properties. On top of that , another 11% were short sales. A short sale is when the seller owes more on the mortgage than what the property is selling for; they are selling short of what they owe.
With almost a third of nationwide home sales in these situations it is good to know that both buyers and sellers can take advantage of the market. It is easy to see that it is a buyer's market, with so few buyers and so many homes for sale, property values have dropped or stagnated. Sellers who are not in foreclosure are in a good position as well, many buyers do not want to get involved in the long and often stressful negotiations with a bank owned property, and are quick to jump on properties that can have a quick and reliable closing timeline. It is also a great time to move into a larger home, or one in a neighborhood you have desired to live in. Interest rates are low, and that means you can get more house for your dollar. Always consult with your lender and Realtor before making any big decisions, but don't be afraid to enter the real estate market now!
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