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Its different in different places. My broker in the resort area of Acadia National Park in Maine looks at what's been happening in other places with wonder since prices there had a short sympathy 5% drop but are now back to what they were. They are still having a boom. If you have some industry moving into your area this will not be a problem. If the banks were very very conservative then you may have zero short sales and auctions to deal with. Where I'm living now we have a huge tract of land that is owned by Disney. We know what would happen to housing prices and school taxes if Disney decided to put in a Theme Park.
The market in my area is almost dead. Without any incentives from the feds, or any chance that mortgage rates are going to start rising, there seems to be no incentive to buy.
We are in a really bad buyers market.
IMO, if you want to sell, its only and specifically only, about price. The property must be a steal compared to everything else. Not just well priced, not just a really good buy, but a total steal.
In the early depths of the recession, I know of a house on Mount Desert island (home of Acadia National Park in Maine) that was selling for $329K--- a huge house, almost brand new on 3 acres. It was a great price. The owners had moved to Portland and needed to get rid of it. But..... in a moment of possible insanity, they reudced the price to $250K. The lines formed at the brokerage, and it became first come first served. It went on the market at the new price on Monday, and was sold by Wednesday. it was probably sold on Monday afternoon, but they couldn't put the paperwork together until Wednesday.
In an extreme buyers market.... its really ONLY about the price, isn't it.
There are more houses than qualified buyers so, if by incentive you mean a Federal Program that will magically make an unqualified buyer into a qualified buyer, why bother they will never pay off the loan and we will be back where we started
There are more houses than qualified buyers so, if by incentive you mean a Federal Program that will magically make an unqualified buyer into a qualified buyer, why bother they will never pay off the loan and we will be back where we started
That's neither what I said, nor what I meant.
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