What the financial crisis means – for Home Sellers

Americans looking to buy, sell or refinance a home are confronting a very different market from the one that existed just a few months ago. And it continues to change!

What does this mean for you and your current mortgage?

Home Sellers

If you’re planning to sell your home, be prepared for a smaller pool of qualified buyers. While some experts predict a settling of this credit crisis over the next twelve months, tightened credit guidelines and diminishing mortgage products could knock out as many as 15%-30% of potential qualified buyers. If you truly need to sell, now is not the time to sit and wait for the best possible price. Have a serious talk with your real estate agent. After reviewing recent buying/selling transactions in your neighborhood, your agent can help you price your home accordingly. He or she can also help ensure that your buyers get pre-approved with a preferred lender and stay pre-approved throughout the transaction.

By Taum Hemmingsen, owner/broker of Marketline Mortgage, LLC. For a free consultation or to speak with him directly, he can be reached at 480-967-8286.

December 2, 2008 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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