Boy if I had the answer, I would be making a lot more money some place else than trying to give you my best thoughts below. The one thing I do know is that it will be real clear when we see it in the rear view mirror.
The answer will vary considerably in price range and areas of the community you live in. Starting last fall the decline leveled off and today we are pretty stable. For the last few months the number of sales increased and definitely above last year at the same time. Prices continue to slip a little but not at the rate we have seen in the last couple years. But then again we have seen a month or two where the average price has gone up.
In a recent article, “Clear Capital sees signs of market stability as we move into the coming months.”
Further they said, “the median price paid for distressed properties has started to rise, indicating the REO market is seeing increased activity toward the upper end of the price range and helping to rein in the depreciating trend of the past several months.”
In Nevada, the number of REO homes coming on the market has dried up based on a recent NV Supreme Court decision regarding how the big banks handled foreclosures. When this is resolved, we could see a flood on the market or based on some new proposed government programs, the banks might have to step back and provide better financing programs to the distressed home owners to prevent foreclosure. Only time will sort this mess out.
At the moment, I feel we are wallowing at or near the bottom, so I hope you do not see it in the rear view mirror. Contact us today and let’s review your specific needs and objective to see if the time is right for you.