What Will Happen After the Foreclosures?
The coming foreclosures will not hurt sellers but will help buyers.
I've been getting a lot of questions asking about what's happening with foreclosures and how they’re going to affect the market. My sellers are asking me how the increase in inventory from foreclosures will affect the pricing on their property.
People are now coming out of forbearance, meaning that they now need to repay what they owe. We know that 44% of those people can pay back what is owed in full. 38.9% of those people have started a repayment plan with their lender. Unfortunately, 17.1% of those people will not be able to pay their mortgage, so their homes will go into foreclosure.
For sellers, this will not affect the pricing of your home because the foreclosures that are coming will typically come to the market at market value. That's good news for buyers as well; they’ll have more inventory to select from.
If you have questions or there are any topics that you would like for me to cover, send me a text or email. I look forward to hearing from you.