I am sure you all have heard by now, but in case you haven't, Countrywide is in financial trouble.
Why am I reporting this? Well, Countrywide is the biggest mortgage lender. This is a major blow to the housing market. If Countrywide doesn't have the money available to lend there will be no mortgages. Countrywide is borrowing eleven million dollars to help alleviate the financial crisis, and they will more than likely start selling off their current mortgage portfolio to relieve the burden. However, that is only a bandaid.
This will have not only a trickle down effect it will have a flood gates open effect. If you are in a situation to purchase a home YOU HAVE THE POWER!!! Hear me loud and clear you have what is needed now and you can be greatly rewarded for that!!!
Sellers need to know that pricing is becoming a more important issue everyday! YOU MUST HAVE YOUR HOME PRICED ACCORDINGLY IN ORDER TO SELL!!!! Whatever the sold comps told you your house was worth 3 months ago you need to subtract between 5 - 10%.
Depending on the town or city that your home is in and how significantly the prices have been dropping every month is how you need to price your home. Example) 3 Comps for your home sold, 1 last month for $350,000 and 2 sold 2 months ago at $ 356,000 and $355,000. Your asking price needs to be NO higher than $344,900 with an expected sale price of $335,000. Prices are still declining and there is a lot of competition from the amount of foreclosed properties on the market.
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