It’s all over the news how the housing market is hot and things are coming back. I agree, but it’s at different stages of recovery in every part of the country. Our market here in Jacksonville NC is recovering but I am seeing a lot of foreclosure properties on the market for “bargain basement” prices. Everyone is looking for a deal and there are lots of deals to be had here. However, the effect that is being felt on the homes that are currently on the market trying to sell, is their prices are dropping. Because for every foreclosure that sells for 30k, 40k, 50k or more under market value, ends up bringing the value down, in that neighborhood and it will have a ripple effect in the surrounding communities. I’m seeing it happen here and it’s really hurting the property owners, in the way of reduced equity. Owners that don’t need to sell for a few years should be okay. Owners that need to sell now need to make sure that they have enough “wiggle room” to sell the home. You need to look at your home as a long term investment, something meant to be held onto, taken care of and used as leverage for future needs. Ideally it would be paid off at some point and you would be able to get a reverse mortgage to help you in your retirement years. The market is constantly changing, responding to everything going on in the economy, so, it's not all doom and gloom. It's more of just sit back and let the market do what it's going to. It will even out it just takes time. Artificially propping the market up will not continue to work, it needs to correct itself at its own pace.
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Ellen Hough, Jacksonville NC Real Estate , specializing in guiding home buyers and sellers through the home buying and selling process. Working at EXIT Independence Realty, call or text me @ 910-330-6103 (Cell)