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Fast Ways to Sell Parents House in Orange Seminole Volusia Lake Osceola Counties

August 17, 2022 • Walter

Selling one’s own house can be a big enough challenge. But when one has to take on the sell parents house task it becomes an even bigger job. There are some options to use to sell mom and dads house.

Options to Sell Parents House

sell parents house options

There are  different options  to sell mom and dad’s house. They are choices when taking on the task to sell parents house.

Sell Parents House Using Traditional Methods

The traditional method of selling a house is by using the services of a real estate agent. Anyone that has bought or sold a house knows how this works. For those that haven’t there are some basic things to keep in mind.

The responsibilities that you will have will depend. If you are about to sell parents house after death, you may have more legal responsibilities. You may be about to sell parents house. It could be because they are moving. You are facing different challenges.

In either case you will have to work with the real estate agent. There are some things that you will need to do.

First you will want to pick a real estate agency that has a good track record for selling homes in your area. It will be important because most likely you will want to try for a quick sale. But, at the same time you want the home to sell for what it is worth.

Then you are going to have to make sure that you have time set aside. There should be showings and its likely you will want to be in the home during this. If your parents are elderly it can be upsetting for them to have strangers come through their home.

If the house sells then you have all the legal aspects of the sale to attend to. How much responsibility you will have to take on will depend on the age and stability of your parents. When one has the sell parents house responsibility they also have the legal responsibilities. There are some that have the sell parents house after death task. The legal responsibilities can be even greater.

How to Sell a House By Owner

sell parents house by owner

When you go to sell mom and dads house it may be confusing. Most often confusing for them. It is easier if  you brush up on the how to sell a house by owner tactics. It means one less person to deal with. It may be more comforting for your parents. But, it will create even greater responsibility for you. Some individuals try this method at first to sell parents house after death. There are a lot more steps to go through to sell parents house by owner.

The first step will be to determine what the houses in the area are selling for. This takes some time to do the research. It can be a daunting task because you won’t have the resources that the realtor will have. It will mean checking out the local listings. It will help to see what the houses are listed for. But, it won’t tell you what they sold for.

The next step will be at least taking a few images. You may be going to try to use the internet as it is one of the how to sell a house by owner tactics. The sell parents house procedure using this method can be frustrating.

Then you are going to want to find as many resources as you can to market the house. You shouldn’t rely on just one resource. At least not if you want to sell the house as quick as possible. Other resources include using local newspapers. Then putting a private sale sign on the property is another option.

Beprepared for the showings. It is going to be the next task. You  do not want interested buyers coming to the door. It can be disturbing your parents. If you are about to sell prarents house after death, then the house might be empty. You will need to be available to show the house.

Finally if the house does sell you are going to be responsible for all the legalities. You have the extra burden of knowing how to draft the sale papers. Then you will need a lawyer to ensure these get done right. Plus, the lawyer will have to look after the closing.

Getting the House Ready for Sale

sell parents house repairs

Another huge task that comes when you go to sell parents house is getting it ready for sale. This is required no matter which option you choose. It means doing an inspection of the home to see what repairs you will need to do. Most likely a home inspection is conducted at the request of the potential buyers. You need to be sure to take care of  any issue they may have. Otherwise most likely a proposed sale will not go through

A Third Option to Sell Parents House

While the first two options are available there is a third option. For those that have the sell parents house this option often proves to be the most viable. It is to sell to a cash buyer. All one has to do is look at the advantages of doing it this way, so you know it’s the right way.

  • There are no real estate agents to deal with
  • There are no inconveniences of home showings
  • There is no piles of paperwork and contracts to deal with
  • There is no waiting for weeks or months hoping the house will sell
  • There is no need to do repairs which could end up being costly.
  • The legal work is minimal
  • There are no disappointments of deals falling through

Then there are extra important benefits. This sell parents house option to a cash buyer means that the house is  bought for in cash. There are no real estate commissions. For those whose parents are still living they now have fast cash to help them get settled in a new place. For those that have to sell parents house after death there is the cash available. Cash to be able  to handle all the expenses that may have occurred because of this. Out of all the options to sell parents home, this one is by far the quickest, easiest and hassle free method.

Sell Your Parents House Fast

sell parents house for cash

At PHP Houses we specialize in a quick sale so that you can get on with the more important things in life. Don’t stress out about selling your parents’ house. In the event you need to sell your parents’ house before death, give us a call at 407-641-1531. We would love to answer any questions about the house selling process that you might have.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Experts Increase 2022 Home Price Projections

August 17, 2022 • Walter

Experts Increase 2022 Home Price Projections

If you’re wondering if home prices are going to come down due to the cooldown in the housing market or a potential recession, here’s what you need to know. Not only are experts forecasting home prices will continue to appreciate nationwide this year, but most of them also actually increased their projections for home price appreciation from their original 2022 forecasts (shown in green in the chart below):

Graphs

Many Experts Raise Home Price Forecasts

As the chart shows, most sources adjusted up, and now call for more appreciation in 2022 than they originally projected this January. But why are experts so confident the housing market will see ongoing appreciation? It’s because of supply and demand in most markets. As Bankrate says:

“After all, supplies of homes for sale remain near record lows. And while a jump in mortgage rates has dampened demand somewhat, demand still outpaces supply, thanks to a combination of little new construction and strong household formation by large numbers of millennials.”

Knowing that experts forecast home prices will continue to appreciate in most markets and that they’ve actually increased their original projections for this year should help you answer the question: will home prices fall? According to the latest forecasts, experts are confident prices will continue to appreciate this year, although at a more moderate rate than they did in 2021.

Bottom Line

If you’re worried home prices are going to decline, rest assured many experts raised their forecasts to say they’ll continue to appreciate in most markets this year. If you have questions about what’s happening with home prices in our local area, let’s connect.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 641-1531
Fax: (407) 205-1951
email: info@phphouses.com

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

What Would a Recession Mean for the Housing Market?

August 16, 2022 • Walter

What Would a Recession Mean for the Housing Market?

According to a recent survey from the Wall Street Journal, the percentage of economists who believe we’ll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought there’d be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months.

And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if there’s a recession?

Here’s a look at historical data to show what happened in real estate during previous recessions to help prove why you shouldn’t be afraid of what a recession would mean for the housing market today.

A Recession Doesn’t Mean Falling Home Prices

To show that home prices don’t fall every time there’s a recession, it helps to turn to historical data. As the graph below illustrates, looking at the recessions going all the way back to 1980, home prices appreciated in four of the last six recessions. So, historically, when the economy slows down, it doesn’t mean home values will fall.

Graphs

A Recession Does Not Mean Falling Prices

Most people remember the housing crisis in 2008 (the larger of the two red bars in the graph above) and think another recession would repeat what happened then. But this housing market isn’t about to crash. The fundamentals are very different today than they were in 2008. So, don’t assume we’re heading down the same path.

A Recession Means Falling Mortgage Rates

Research also helps paint the picture of how a recession could impact the cost of financing a home. As the chart below shows, historically, each time the economy slowed down, mortgage rates decreased.

Graphs

A Recession Means Falling Mortgage Rates

Fortune explains that mortgage rates typically fall during an economic slowdown:

“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”

And while history doesn’t always repeat itself, we can learn from and find comfort in the historical data.

Bottom Line

There’s no doubt everyone remembers what happened in the housing market in 2008. But you don’t need to fear the word recession if you’re planning to buy or sell a home. According to historical data, in most recessions, home price gains have stayed strong, and mortgage rates have declined.

If you’re thinking about buying or selling a home, let’s connect so you have expert advice on what’s happening in the housing market and what that means for your homeownership goals.

 

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 641-1531
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
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Linkedin
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

The U.S. Homeownership Rate Is Growing

August 15, 2022 • Walter

The U.S. Homeownership Rate Is Growing

The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:

Graph

Homeownership Rate Increase in Latest Report

That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time.

If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.

Why Are More People Becoming Homeowners?

There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”

When you buy a home with a fixed-rate mortgage, you can lock in what’s likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years.

That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also gain equity over time as your home appreciates in value and you make your monthly mortgage payment.

And with that growing equity, your net worth will increase as well. In fact, the latest data from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.

Graph

Net Worth of a Homeowner vs a Renter

Bottom Line

The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, let’s connect so you can begin the homebuying process today.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 641-1531
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]

August 12, 2022 • Walter
Infographic

Why Experts Say the Housing Market Won’t Crash [INFOGRAPHIC]

Some Highlights

 

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 641-1531
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

What Does the Rest of the Year Hold for Home Prices?

August 11, 2022 • Walter

What Does the Rest of the Year Hold for Home Prices?

Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home prices fall this year? Let’s break down what’s happening with home prices, where experts say they’re headed, and why this matters for your homeownership goals.

Last Year’s Rapid Home Price Growth Wasn’t the Norm

In 2021, home prices appreciated quickly. One reason why is that record-low mortgage rates motivated more buyers to enter the market. As a result, there were more people looking to make a purchase than there were homes available for sale. That led to competitive bidding wars which drove prices up. CoreLogic helps explainhow unusual last year’s appreciation was:

“Price appreciation averaged 15% for the full year of 2021, up from the 2020 full year average of 6%.”

In other words, the pace of appreciation in 2021 far surpassed the 6% the market saw in 2020. And even that appreciation was greater than the pre-pandemic norm which was typically around 3.8%. This goes to show, 2021 was an anomaly in the housing market spurred by more buyers than homes for sale.

Home Price Appreciation Moderates Today

This year, home price appreciation is slowing (or decelerating) from the feverish pace the market saw over the past two years. According to the latest forecasts, experts say on average, nationwide, prices will still appreciate by roughly 10% in 2022 (see graph below):

Graph

Latest Home Price Forecasts for 2022

Why do all of these experts agree prices will stay continue to rise? It’s simple. Even though housing supply is growing today, it’s still low overall thanks to several factors, including a long period of underbuilding homes. And experts say that’s going to help keep upward pressure on home prices this year. Additionally, since mortgage rates are higher this year than they were last year, buyer demand has slowed.

As the market undergoes this change, it’s true price appreciation this year won’t match the feverish pace in 2021. But the rapid appreciation the market saw last year wasn’t sustainable anyway.

What Does That Mean for You?

Today, the market is beginning to move back toward pre-pandemic levels. But even the forecast for 10% home price growth in 2022 is well beyond the 3.8% that’s more typical for a normal market.

So, despite what you may have heard, experts say home prices won’t fall in most markets. They’ll just appreciate more moderately.

If you’re worried the house you’re trying to sell or the home you want to buy will decrease in value, you should know experts aren’t calling for depreciation in most markets, just deceleration. That means your home should still grow in value, just not as fast as it did last year.

Bottom Line

If you’re thinking of making a move, you shouldn’t wait for prices to fall. Experts say nationally, prices will continue to appreciate this year, just at a more moderate pace. When you’re ready to begin the process of buying or selling, let’s connect so you have a local market expert on your side each step of the way.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 641-1531
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Can a Power of Attorney Sell Property in FL?

August 10, 2022 • Walter

There comes a time when parents are no longer able to care for their affairs in a proper way. They may  have to sell their home. This can take place for a variety of reasons. It may be that you will need a power of attorney sell property option. The power of attorney is not just for selling property. It allows you to help them with many  legal matters. At least in most cases. People are often faced with the selling my parents house dilemma.

Power of Attorney sell Property

can power of attorney sell property for elderly parents

The power of attorney sell property is just one part of the authority that comes with a power of attorney. To get this there are some steps that one needs to go through.

The first thing that you need to do is talk to your parents. You want to do this while there are in good mental health. It can be more difficult to get a power of attorney if they are not. They have to give you power of attorney by their own free will . If they are  mentally capable of making this decision. If not you will need professional help. A medical professional will have to find them incompetent. From there lawyers will need to help draft up a power of attorney. It is for this reason that it is better to have the power of attorney once the parents begin to age.

It should begin by talking to them. They will most likely appreciate being able to put the major decisions in your hands. Big responsibilities like selling a house can be too much of a strain for them. It comes with a lot of decision making. They may prefer that you take on this task. It will become part of your willingness that comes with selling my parents house.

 Selling My Parents House

Once you have the power of attorney in place it allows you to make the decisions that are  necessary. One of these may be to sell your elderly parents home. You will be able sign papers on their behalf. It is not unusual that many people need to deal with the question of how to sell my parents house before death. They don’t realize there is the power of attorney sell property option. This gives the authority for you to make binding decisions on their behalf.

How to Get a House Ready to Sell

Once you have the power attorney sell property authority you need to know how to get a house ready to sell. It can be difficult if you are have the the sell my parents house before death challenge. It is because most likely the parents are still living n the home. When you go to sell your elderly parents home they can get confused and upset. Then when you start doing repairs on the home this is unsettling for them.

For Sale By Owner

can power of attorney sell property for my parents

You may decide with the power of attorney sell property authority to sell the home yourself. It is so it makes it easier on your parents. Meaning that instead of using a realtor you will do all the work. This presents extra stress and challenges for you. But, you may be thinking that it will be easier on your parents.

If you use a real estate agent it can be difficult for your parents. They will have one stranger bringing other strangers into their home. Yet, if you do a for sale by owner then you will be the one showing the house.

It means that you are going to have to to dedicate the time to this. The power of attorney sell property authority is creating a lot more responsibilities. Selling a house by owner will add to this.

Aside from having to show the house there are many other tasks that come with this way of selling. You have the job of letting people know its on the market for sale. But before that you need to do some research. You have to determine how much to list the home for. It can be difficult do the necessary research. You don’t have the tools and resources to do this in the proper way.

If you don’t list the home within a proper price range you won’t get any showings. Then you have to determine where you are going to list the home. You can do this in the local papers. Or even online if you know where to go on the web to do this. There is some level of danger to this . Strangers could come to the door unannounced. Your parents may be prone to letting them in when you are not there. This is not a position you want to put them in.

Sell Parents House Fast

can power of attorney sell property for my parents

You will be doing your parents a favor if you look at the sell parents house fast option. It is an option that allows you to sell the house for cash.  You can make this decision on behalf of your parents.  You have the power of attorney sell property authority. It is the one option with the least amount of hassle when you want to sell your elderly parents home.

There are professional investors who specialize in buying homes for cash. They will determine a fair price for the home. They will take into account the condition of the home. At the same time they will not expect you to do any repairs or upgrades. They will want to buy the house as is. Plus, they are willing to pay the total amount in cash and in a quick manner. Also, you won’t have the expense or hassle of trying to sell the property yourself. There are no real estate fees so you are saving money there. Also, you have saved money on not having to do any repairs.

The power of attorney sell property is the best option to sell fast.  The sell for cash is a clean hassle free simple way to sell the house.

Sell Your Parents House Without The Hassle

Selling your parents house is stressful. Although there are lots of ways to do it, using power of attorney takes time and money. Don’t wait for the house to get sold. If you need your parents house sold ASAP then selling to a cash buyer is your best option.

Here at PHP Houses we specialize in closing on houses quickly so that you can move on to more important things in your life. Selling a house has a lot involved, but not if you’re selling to us. You don’t have to repair your home, we’ll buy it as-is! Have a question about the process or want to get your no obligations offer today? Give us a call at 407-641-1531. We’d love to talk to you!

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Is the Shifting Market a Challenge or an Opportunity for Homebuyers?

August 10, 2022 • Walter

ReIs the Shifting Market a Challenge or an Opportunity for Homebuyers?

If you tried to buy a home during the pandemic, you know the limited supply of homes for sale was a considerable challenge. It created intense bidding wars which drove home prices up as buyers competed with one another to be the winning offer.

But what was once your greatest challenge may now be your greatest opportunity. Today, data shows buyer demand is moderating in the wake of higher mortgage rates. Here are a few reasons why this shift in the housing market is good news for your homebuying plans.

The Challenge

There were many reasons for the limited number of homes on the market during the pandemic, including a history of underbuilding new homes since the market crash in 2008. As the graph below shows, housing supply is well below what the market has seen for most of the past 10 years (see graph below):

Graph

Months Inventory of Homes for Sale

The Opportunity

But that graph also shows a trend back up in the right direction this year. That’s because moderating demand is slowing the pace of home sales and that’s one of the reasons housing supply is finally able to grow. For you, that means you’ll have more options to choose from, so it shouldn’t be as difficult to find your next home as it has been recently.

And having more options may also lead to less intense bidding wars. Data from the Realtors Confidence Indexfrom the National Association of Realtors (NAR) shows this trend has already begun. In their recent reports, bidding wars are easing month-over-month (see graph below):

Graph

Bidding Wars Ease in Recent Months

If you’ve been outbid before or you’ve struggled to find a home that meets your needs, breathe a welcome sigh of relief. The big takeaway here is you have more options and less competition today.

Just remember, while easing, data shows multiple-offer scenarios are still happening – they’re just not as intense as they were over the past year. You should still lean on an agent to guide you through the process and help you make your strongest offer up front.

Bottom Line

If you’re still looking to make a move, it may be time to pick your home search back up today. Let’s connect to kick off the homebuying process.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
Instagram

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Selling Your House? Your Asking Price Matters More Now Than Ever

August 9, 2022 • Walter

Selling Your House? Your Asking Price Matters More Now Than Ever

There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?

While home prices are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less buyer demand. Because of this, there are more homes on the market. And in a shift like this one, the way you price your home matters more than ever.

Why Today’s Housing Market Is Different

During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.

Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.

Why Pricing Your House at Market Value Matters

The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.

When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com explains the impact that’s having:

“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”

To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A real estate advisor knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.

Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.

Why You Still Have an Opportunity When You Sell Today

Rest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”

Mike Simonsen, the Founder and CEO of Altos Research, also notes:

“We can see that demand is still there for the homes that are priced properly.”

Bottom Line

Home priced right are selling quickly in today’s real estate market. Let’s connect to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

Let’s Connect:
Facebook
Linkedin
Twitter
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

Why the Forbearance Program Changed the Housing Market

August 8, 2022 • Walter

Why the Forbearance Program Changed the Housing Market

When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.

Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and lenders to stay in their homes rather than go into foreclosure. Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA), notes:

“Most borrowers exiting forbearance are moving into either a loan modification, payment deferral, or a combination of the two workout options.”

As the graph below shows, with modification, deferral, and workout options in place, four out of every five homeowners in forbearance are either paid in full or are exiting with a plan. They’re able to stay in their homes.

Graphs

Loans upon Exiting Forbearance Program

What does this mean for the housing market?

Since so many people can stay in their homes and work out alternative options, there won’t be a wave of foreclosures coming to the market. And while rising slightly since the foreclosure moratorium was lifted this year, foreclosures today are still nowhere near the levels seen in the housing crisis.

Forbearance wasn’t the only game changer, either. Lending standards have improved significantly since the housing bubble burst, and that’s one more thing keeping foreclosure filings low. Today’s borrowers are much more qualified to pay their home loans.

And while the majority of homeowners are exiting the forbearance program with a plan, for those who still need to make a change due to financial hardship or other challenges, today’s record-level of equity is giving them the opportunity to sell their houses and avoid foreclosure altogether. Homeowners have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Thanks to their equity and the current undersupply of homes on the market, homeowners can sell their houses, make a move, and not have to go through the foreclosure process that led to the housing market crash in 2008.

Thomas LaSalvia, Chief Economist with Moody’s Analytics, states:

“There’s some excess savings out there, over 2 trillion worth. . . . There are people that have ownership of those homes right now, that even in a downturn, they’d still likely be able to pay that mortgage and won’t have to hand over keys. And there won’t be a lot of those distressed sales that happened in the 2008 crisis.”

Bottom Line

The forbearance program was a game changer for homeowners in need. It’s one of the big reasons why we won’t see a wave of foreclosures coming to the market.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

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