Existing Homes and Bank Foreclosures Realtors Ready for Spring Market- By: John Cutts
Last year, it was easy to lure buyers and investors into buying bank foreclosures or existing homes for sale because of the tax credit offered by the federal government. But since the said credit incentive is no longer offered, realtors are worried about convincing buyers to buy this spring.
A survey by the National Association of Realtors involving 3,500 respondents revealed that 60 percent of home buyers are worried about their creditworthiness and job security. These are the reasons why some individuals who are dying to own one of the cheap houses for sale and call it their homes are holding back.
On the other hand, some realtors believe that most homebuyers will have no choice but to buy one of the existing homes or distressed properties for sale because they are more afraid that the mortgage interest rates will follow an upward trajectory. And if they do not buy now, they will end up paying more. Mortgage rates increased slightly from November’s 4.17 percent to the latest 4.74 percent.
And with such financial apprehension, most homebuyers will need to look at the property’s condition and consider it the deciding factor. Most realtors understand that the key is proper staging. Even homes in danger of ending up as bank foreclosures are being prepared for eventual showing. This is actually how spoiled homebuyers have become.
The popularity of home staging has made it challenging for realtors to make a sale. Buyers are now reading articles about this practice and expect much from agents. Homes such as those on the verge of being put on the home auctions block as well as high priced residences are the ones which will surely benefit from staging.
Staging experts are now in demand and can easily tell if a home needs major or minor tweaking. Usually, the homeowners are advised to make their homes more showable or presentable in order to attract the interest of buyers. It should be accepted that it is a buyer’s market these days and the only way you can avoid bank foreclosures is to make an extra effort to showcase your home.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.