Posted by: Brian Powers | May 17, 2010

Thinking of selling your home? Act now or pay later.

An article in this mornings Detroit News quantifies the looming “shadow inventory” of foreclosed homes in southeast Michigan that banks are carrying on their books. Nearly 44,000 properties in Wayne, Macomb, Oakland, Livingston, Lapeer and St.Clair counties are currently being held by banks after taking the homes back via foreclosure.  In contrast, the current listing inventory for those same areas is a little over 30,000.

If you’re thinking of selling your home now, or in the near future these numbers should be a call to action for you.  As a seller, the less the supply of homes for sale, the better for your bottom line.  An over-abundance of supply of home listings will drive prices down and you will sell your home for less money.  Even with the recent expiration of home buyer tax credits, there are still many buyers in the market to purchase a home.

Selling before the “shadow inventory” hits the local market will save you thousands.  I do many consultations with homeowners every week to discuss the value of their home. Many are surprised to find that their home value is not as bad as it was a year ago. If you’re considering selling, get in touch with me so we can discuss the value of your home and see if selling now makes sense.

To get started you can call me at (248) 379-1750, or fill out a request form at my website.

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