The current upheaval in the market has given rise to significant opportunities to help my clients make informed decisions.
Tom Sherman, President of Mortgage Services Unlimited in Dallas, emphasizes the importance of educating clients.
For home sellers, the following points are key:
* Home values will stay stagnant or potentially decrease.
* Qualified borrowers are looking for deals. * Fewer borrowers are qualifying for home loans.
* Rising foreclosures tend to negatively affect home values.
* Increased days on the market (DOMs) increases the likelihood that buyers will aggressively negotiate prices down.
* Continued stress in the financial markets will affect consumer confidence.
* Loans may take longer to close.
* Appraisals are becoming more difficult to obtain.
* Properties should be funded before contract contingencies are removed.
It's critical for sellers to price their homes to sell -- and sell quickly -- decreasing the need for price reductions and the unfortunate result which is chasing the market down to sell.
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