The financial world we live in is just as wild, if not more, than the mountains and woods we walk through. We are told that the fundamentals of our economy are strong, but we can feel that something is wrong. My unique financial background and survival passion make Financial Survivalist and excellent place to learn and share.

Thursday, September 27, 2012

Pending Home Sales Dip in August


Pending homes sales dipped in August. Ask me if I am surprised? I look at the market statistics for Utah every week, and I knew inventory was down. Homes were selling faster than they were coming back on the market.

This is mainly because the banks have temporarily slowed their forclosure rate. They were sued over the "robo signing" incedent, they can now keep the properties as rentals, and there are several government housing programs to try stop forclosure. When the number of forclosure sales slows like it has it greatly affects the inventory on the market.

So what does this mean? Lower inventory means a "sellers market." Multiple offer bidding situations are very very common now. In fact, if you don't get multiple offers you may be over priced. Now is an excelent time to sell. Prices in Utah are up for the past 4 months.

I feel this situation is temporary. Forclosures will speed up again. Inventory will begin to come back onto the market and this temporary "sellers market" will be over.

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