In case you hadn’t heard yet, several of the largest banks in the nation have halted their foreclosure activities while they review their foreclosure processes and compliance with state laws. Without getting into the boring details of exactly what happened (or didn’t happen), the bottom line of what you should know, is that there is going to be a significant drop in the number of foreclosures available for sale.
Here in Orange and Seminole Counties, foreclosures have accounted for 46%+ of home sales in the past 6 months or over 6,000 sales. As much as 70% of foreclosures that would have come on the market in the coming months will now stay off the market for an undetermined amount of time.
What this means for those thinking of selling:
Good news! Until this all blows over there are going to be a lot fewer properties on the market, and even better it will be the lowest priced properties no longer coming on the market to compete with. So if I were a seller, NOW would be the time to put your property on the market. If this lasts long-term you may actually expect a bit of appreciation. If this is just short-term you can still take advantage of the reduced competition.
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