Many sellers want to wait until the spring before putting their home on the market. This might be for any of several reasons:
- They don’t want to be inconvenienced during the holiday season.
- They believe that they will see more potential buyers and as a result will get a higher price.
- In the northern part of the country, they might not want people walking through the snow and then into their house.
- All of the above
Will This Actually Happen?
“U.S. foreclosure activity has been mired down since October of last year, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paperwork. While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.
What Do Experts Believe the Impact Will Be?
- Zillow believes we will not see a bottom in prices until the first quarter of 2012.
- Standard & Poors thinks prices will drop %5 in the next few months.
- JP Morgan Chase believes prices will depreciate 6 to 7% over the next six months.
- Barclays says prices will fall 7% by the end of the first quarter of 2012.