I removed the ‘Foreclosure’ and ‘Short Sale’ buttons at the top of this website.
The distressed market around NSDCC appears to be over, and while there will be some stragglers, there won’t be any distressed sellers unless, and until, the banks start up the foreclosure machine again.
Literally, there has been zero NSDCC detached homes listed as short sales this year, and only one bank-owned house (which we saw).
With distressed properties off the list, we are back to the Big Three list of serious sellers; death, divorce, and job transfer. These groups are a constant source of homes coming to market, and we know they aren’t just testing the waters.
Are there other serious sellers in play?
Others have said that the move-up market should be lively, and I poo-poo’d the idea just due to the difficulty of selling one to buy another.
But should the move-up-or-downers be considered as the new #4 on the list of motivated sellers? Here are four groups with reasons:
Committed to Long-Term – The primary driving force in today’s market seems to be families looking for a house raise a growing family, and stay forever. Even though I recommend that you should move every 6-12 months, nobody is taking me up on it any more! 🙂
Squeeze to Improve Quality – Anyone who finds themselves in an inferior situation – location, schools, etc. – will endure the inconveniences in order to upgrade. Anyone motivated enough will find a way – and all you need is money.
Inheritance – Those who receive a windfall amount of money will consider upgrading their lifesytle by purchasing a new residence. I’m convinced this has to be a segment of the demand, based on considerably-higher prices paid.
Combining Generations – With the folks getting older, it’s natural for them to consider sharing a residence with the kids to get extra support.
These four groups of potential buyers who need to sell theirs to buy the next house have the necessary motivation to endure the financing hurdles. They would add to both supply and demand, and help build some sales momentum (which could be off to a sticky start here in 2014).
If you are thinking of moving up or down, and want some advice on how to handle the particulars, get a hold of me! jim@jimklinge.com
