According to a recent report from S.M.A. Publications of Cary, many Wake County home sellers who purchased their homes in the last 3 years are selling for less than they actually paid for the home.
Declining house prices continue to eat away at home equity. Re-sale sellers within the past 13 months who previously purchased in 2007, 2008 or 2009 all sold for less on average. Those who purchased in 2006 are barely above 0%.
It’s not easy for many sellers right now and buyers aren’t making it any easier. If you are in a position where you have to sell but can not afford to then you might be a candidate for a short sale. Home sales reports for the Raleigh area show about 20% of all sales are foreclosure or short-sale transactions. A short sale is where the bank agrees to accept a pay off for your mortgage that is actually less than what you owe.
Average change in price per year vs. purchase price (%)
Linda Craft & Team have a full time person to work with sellers who are in this position. Linda herself is a CDPE, Certified Distressed Property Expert. As a team, we have the expertise needed to help save your credit, relieve the uncertainty and guide you step by step through the short-sale process.
On the flip side, if you are not in trouble but are trying to sell your home in this market you need a real estate agent that will offer you the best advice possible and defend your equity. As a listing specialist on the top real estate team in Raleigh with over 10 years experience, I can help. Read about our services for sellers or call us at (919) 235-6308.
Home sales data was supplied from S.M.A. Publications, Inc General brokerage report for Wake County, 05/10, 6/29/2010. http://www.smapublications.com/