If you’ve been paying attention to the news at all then you saw the big news from the financial markets that Lehman Brothers filed for bankruptcy and Merrill Lynch agreed to be bought by Bank of America, headquartered here locally in Charlotte NC, for some $50B dollars. On top of that, the stock market tumbled close to 500 points today sparking many to ask the question, is this as bad as it gets?
Well, I’m certainly no expert when it comes to the financial markets, but just based on what I’ve read and heard, I’d venture a guess that this isn’t rock bottom just yet. According to an article I read on MSNBC.com,the answer to how many more banks are going to fall flat on their face because of questionable management practices is dependent on 2 questions.
“First: When will home prices stop falling? The value of trillions of dollars of assets held by big investors — both here and around the world — is pegged to the underlying value of the real estate on which those assets are based. Every quarter that home prices fall, those assets have to be marked down further.
Second: When will the foreclosure rate stop rising and stabilize? As of the end of June, some 9 percent of all Americans holding a mortgage were either late on their monthly payments or in foreclosure. Those foreclosures add to the backlog of bank-owned properties that go onto the market, putting further downward pressure on home prices.”
It certainly makes for a precarious situation, but that doesn’t mean it’s time to pack up and move to a cave in the middle of nowhere!
Fortunately for us here in the Rock Hill SC or Fort Mill SC market, the housing market is still strong. Yes, there are some bargain properties out there, but that doesn’t mean EVERYTHING’S going for rock-bottom prices.
If you’re looking to sell your Rock Hill SC or Fort Mill SC home, you can still get a good price for it. You just need to be certain you price your home to sell and not simply to negotiate. Many people make the mistake of thinking if they list their house higher thinking they’ll be able to negotiate it down. Unfortunately, it rarely happens this way as people see just the ‘too-high’ price and don’t even make an offer.
If you want to sell your home quickly AND for top dollar is this unsteady market, it’s critical that you price your house to move. If you’re not sure what that price is, I’d be more than happy to provide a Comparative Market Analysis to help you decide if now’s the right time to sell your Rock Hill SC area house or not!
And stay tuned to this blog because this week I’ll be sharing more tips for buying OR selling your dream Rock Hill SC, Fort Mill SC, Tega Cay SC, York SC, or Lancaster SC home in this turbulent financial marketplace.
