By Alyce Dailey of The Dailey Group
“Why should I sell my house when the market it so bad?” Many a woman in business may be wondering this and thinking that it would be better to wait until housing prices pick up. After all buying or selling a house is pretty much a business decision, isn’t it?
We have a pretty convincing argument (compliments of Keeping Current Matters) of why this is not the case, and we can summarize it in two words: Shadow Inventory.
Take a look at current short sale statistics:
Right now, your property is worth 21% more than it will be once the shadow inventory enters the market. Short sales currently sell at a 21% discount, and they make up about 8% of the current market. Their presence in the market is what is driving market prices down. Unfortunately, there is a shadow inventory of short sales and foreclosures that are about to enter the market. As these properties enter the market, they are going to continue to drive the prices of all properties down.
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“Short Summary on Short Sales.” The KCM BLog. Ed. The KCM Crew. 31 Oct. 2011. Keeping Current Matters. 31 October 2011.