Short Sales among first time hombuyers declining
Buying a home for the first time is an exciting experience. In a “traditional” home buying process, your agent will guide you through the steps to get you safely to closing and the timeline is pretty typical. Imagine buying a short sale as your first home. Normalities go out the window, making a first time homebuying experience a confusing and frustrating process coupled with lots of waiting. Your real estate agent is still there to guide you through the process but the banks have control of the transaction. (Not sure what a short sale is? It is when a home is being sold for less than is owned to the bank. You can read more about short sales and foreclosures in our Distressed Homeowners category.) Nationally, sales of short sale properties has been falling for the last 3 months accoring to a Housing Pulse survey. Just 39.7% of first time home buyers purchased a short sale, the lowest level ever recorded by the Housing Pulse survey.
Short sale or traditional house for sale?
Short sales are attractive from a pricing perspective but waits of weeks and months appear to be having an impact. If you are willing to stick it out and deal with a lot of uncertainty, there are plenty of short sales to purchase. If not, purchasing a home that is not a short sale or foreclosure may be the way to go. Homes that are not short sales or foreclosures usually have the benefit of progressing to closing in a more “traditional” way. They are also more likely to be in good condition and better maintained by homeowners not under financial hardship. To search for homes for sale in Wisconsin, please search firstweber.com.
Contact a First Weber agent for short sale listings in your area
If you are willing to consider short sales and foreclosures, talk to a First Weber agent or read up on Wisconsin short sales in this article by First Weber’s Tom Weber. If you are interested in the Housing Pulse survey you can read more here.
Thank you for reading the First Weber Wisconsin real estate blog about how short sales are declining among first time home buyers. Nationally, more first time home buyers are choosing to purchase properties that are not short sales. What about you? Are you considering buying a short sale or going to stick with looking at houses that are for sale traditionally? Either way, a First Weber agent can assist you.
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