That was then, This is now.

In the beginning of short sales they were anything but short and yet they were great for low ball offers. A buyer's dream! I saw many a happy client when an offer $50,000 to $100,000 below the listed price was accepted by the bank. As the market continued to decline and mortgages were more difficult to obtain things changed. Prices dropped. They dropped often and they dropped far. As new homes came on the market their list price started lower than the previous homes had as owners, agents and banks alike realized it was going to take lower prices to get the few buyers out there to buy their home. As listing prices lowered the deficiency gap (the difference between what the owner owed the bank and what they could get for the home now) became larger. Banks have been hit hard. I know, I know, so have sellers. I am not here to make you feel sorry for the banks but to shed a little light on reality. Reality is that prices have come down considerably. Banks have taken a hit where it hurts. Owners have been decapitated in some respects as they lost their home and all they had invested in what they thought was their future. Nevertheless we are at the bottom. Prices are low and banks and owners alike are less willing to go even lower than they were last year and the year before that. Loans are getting slightly easier to obtain opening the door for more buyers. The short sale and bank owned inventory is dwindling. As inventory decreases and the buyer pool increases we will see the bottom which means we will begin our LONG and SLOW climb back up. I am not saying we are going to see our houses appreciate in a way that will make you run out into the street hoopin' and hollerin' but I am saying that the days of getting a low ball offer accepted are coming to an end. Prices are low. Interest rates are still low. If you are in the position to buy it's a good time to go out and find that home. If you are needing to sell and have been holding out your wait time is getting shorter. Your reason for selling will determine if you should put your home on the market now or try wait 1-3 years longer. If you have questions send me an e-mail and we can set up a time to meet.