Recent data from Realtor.com2 shows that home prices have increased by 1.15 percent month-over-month in February and homes stayed on the market an average of 98 days. Many homeowners are listing their homes sooner than in previous years to get in early on the Spring Selling Season1.
Nationally, the median list price rose to $189,900 during the month of February and inventory dropped in nearly all of the 146 markets Realtor.com tracks.2 This is good news for homeowners who have been waiting for the right time to list their homes. On the other side of the equation is the inability for many borrowers to secure traditional bank financing due to strict lending guidelines imposed.
Sellers who are willing to be a little flexible by offering seller financing could benefit from this because they could sell their homes faster than sellers waiting for borrowers who are waiting for loan approvals from traditional lenders. The help of an experienced Real Estate Attorney is a must in any seller financed transaction and well worth the cost so that all parties are well protected in these transactions.
Many housing markets across the nation are starting to improve and sellers as well as buyers are positioning themselves to take advantage of the situation. If recent trends continue, many market analysts predict a slow yet steady recovery for the housing market.
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