Selling Predictions for 2011

A Market Preview into 2011


Homeowners are more interested in making more long term financial decision rather than fight with uncooperative banks to hold on to deeply underwater properties.

Condo Owners in dysfunical HOA's will also move beyond feeling trapped, and the numbers of them who will walk away, and will, ratchet upwards next year.

One outcome will be that the homeowners that are underwater will decrease next year as more homes enter the foreclosure funnel and become bank owned properties. While some will walk away from their homes taking the credit hit, and pressing a lifestyle reset button, others in a stable equity position will have a much appreciative gratitude for their homes.

Many Sellers nationwide will enter the first phase of detaching from their home and list them as Short Sales. But they will be less attached to a successful short sale outcome, refusing to spend an extensive amount of time or money going round with the bank. Uncooperative Banks will find themselves adding those homes to the inventory of foreclosed homes.

The other group of Sellers will list their homes in an effort to get them sold. They will become "transactionally sophisticated" helping buyers leap over financing hurdles like FHA condition requirements and Low Appraised Values. Some will even extend reverse offers to buyers.
Burying a figurine in the yard will no longer be a last resort of a motivated seller.

There are 2 types of buyers: (non-urgent buyer, transactionally sophisticated) the non-urgent buyer, in a recession-resistant market who missed the tax credit. This buyer is only willing to buy the perfect property (whatever that IS)they will likely see 100 homes and make 20 low ball offers on properties.

The other will be "transactionally sophisticated" very strategic, resourceful and adept with information. These buyers are very aware that their decision to buy a home will need to be a long term one. They are willing and able to relocate, and they are researching everything from job growth to migration stats before selecting the town where they will purchase their home.