so many homes in my area for sale.... is it selling season? is the market really going down....? or is it people just can't afford their homes... i want the truth...no bullshit please..lets be realistic....
Is it a good time to keep the house and fix it...or good time to sell the house?
2007-08-27 09:50:48 · 3 answers · asked by aemediacorp 1 in Business & Finance ➔ Renting & Real Estate
Foreclosure is the reason, no it is not a good time to sell the market is flooded, and the amount of eligible buyers is down due to the tightening of credit
2007-08-27 10:54:14 · answer #1 · answered by Pengy 7 · 1⤊ 0⤋
Right now 1 out of every 650 houses in in foreclosure. California is the worst due to the boom that happened over the past few years. Houses went up in value at a record pace. People have been living off their equity in houses they can not afford for way too long. When the bubble busted, and adjustable rate mortgages and neg am mortgages are resetting, people can no longer afford the payments forcing them to sell or give back to the bank. It is going to get worse before it gets better.
2007-08-27 11:03:27 · answer #2 · answered by twinturbo1994 4 · 1⤊ 0⤋
Its a horrible time to sell - buyers are rippin sellers new a&*holes out here in SoCal!!! This is good news for me because I am looking to buy, but its very bad news for owners needing to sell their house.
All the for sale signs you're seeing are either foreclosures OR people that need to sell for one reason or another and they're deciding to do it now rather than next year (because all forecasts are saying that the market will be even worse for sellers in 2008) Many are cutting their losses now.
2007-08-27 10:57:36 · answer #3 · answered by Mel 4 · 0⤊ 0⤋