Foreclosures are Bringing Down Market Prices

time to buy
Creative Commons License photo credit: TheTruthAbout

If you’re having trouble selling your house, you’re not alone. One of the main issues that sellers are facing is that they can’t sell their homes for what they’re worth. Because of that, they’re ending up stuck in homes that they want to get out from under but can’t do anything about. Some of them put their homes into foreclosure, do a short sale, or just simply pack up their things and leave. All of those cause their credit scores to take a serious hit, but they might not actually care about something like that when they know that they have to get out from under their house payment.

Part of the reason that home prices are so low right now is all of the foreclosures. There are millions of them, and they aren’t moving very fast. They’re so much lower than the actual values of the properties that they’re driving down prices all across the country. There are a few states, and some specific cities, where things are worse than others, but there isn’t really anywhere now where the housing market can be considered to be good.

By keeping that in mind, you can decide what you want to do about selling your home. You may still try to sell it for a reasonable price, or you may do something different, but having all of the information can help you make a decision that’s informed. Then you know you’ll be doing the right thing for your particular situation, and that you won’t have to spend any more sleepless nights wondering what in the world you’re going to do about your housing situation. Just making a decision can often be enough to help you start feeling better about your choices.