So why is NOW the time to sell? There is a window of opportunity while banks are recovering from their processing delays that will keep foreclosures at a lower level. Once that time is over, which I estimate will be the second half of 2011, a glut of foreclosures will hit the market, pushing prices lower and adding large amounts of competition versus your home that the banks will price well below market. Therefore, if you are thinking of selling, get your home on the market NOW, or you may be risking longer selling periods and lower offers as you compete with more foreclosures.
Why RIGHT NOW is the time to sell your Knoxville home
This latest report (link to video below) gives us national numbers, but the story is the same for Knoxville foreclosures and short sales. Beware of the low numbers! While the numbers show that foreclosure activity is the lowest it has been since the first quarter of 2008, those numbers are artificially low due to the foreclosure processing delays caused by the robo-signing fiasco. Signs of a rebound in foreclosure activity were already present in March and should be expected. The numbers may remain artificially skewed through the first half of 2011, but look for big numbers of foreclosure filings the second half of the year.