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Real Estate Condition Making Life Difficult for Home FSBO Market



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By : John Cutts    99 or more times read
Michigan real estate observers have stated that current housing market statistics are making life difficult for homeowners in Muskegon County to sell their properties through home FSBO. The difficulties are attributed mainly to high unemployment rates and declining property prices.

The same factors creating difficulties for people looking to sell their properties quickly are also causing home price reductions and soaring foreclosures and short sales, according to county property market analysts.

They also stated that the current condition is vastly different from previous periods wherein people purchase homes as part of their primary investment, with majority of them counting on equity to save them from financial problems.

Majority of Muskegon residents, according to local reports, expect to get less on a home sale than what they need to pay for their mortgage. In addition, some homes for sale have been in the market for over a year and have yet to find a buyer. Most homes have also lost a lot of value that real estate agents are unenthusiastic about getting them listed.

Housing industry analysts observed that the local housing market situation results in further difficulties for homeowners planning a home FSBO and that more residents are putting down more money just to have their homes sold. The trend is also causing rising number of short sales, particularly among homeowners who are late in paying for their loans and have lost their jobs.

Local real estate companies also revealed that more than 30% of the home sales they handle are for short sales, which shows how desperate home owners are to get rid of their properties. Most of those who opt for short sales revealed that, despite the fact that they would get less from the sale than the amount that is due to their mortgage, they take the deal because banks and lending firms usually agree to take the selling price and waive the remaining debt owed on the mortgage.

Although majority of home owners who sell their properties were not even able to break even, local real estate analysts believe that the housing market is starting to stabilize. Statistics covering the 12 months that ended March 31 showed that the average selling price for residential properties in the county remained steady compared with last year’s numbers.

Most homeowners planning on a home FSBO are finding it hard to find buyers willing to pay the full price for a home. However, some analysts are optimistic that the housing market of Muskegon will soon find a level ground.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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