Let's Become Part of the Solution

Have you heard the saying “if March comes in like a lion it will go out like a lamb”? I’ve decided to borrow that, switch it up and apply it to the real estate market of 2009. In fact, I think I’ll make it my mantra for the year…

“If the market comes in like a lamb then it’s bound to go out like a lion”

Right?

If only the repetition could make it so. But the truth is no matter how optimistic I try to be, the market is what it is; fewer homes are selling, prices are declining due to foreclosures and buyers are opting for discounted listings over “regular” properties.

I recently attended the RE/MAX International Convention and received pages full of statistics and forecasts for the coming year. A few of those stats jumped out at me:

• 1 in 10 property owners are in distress- a month or more behind on payments. Think about that, if you're in a room with 20 people, two of them are not making their mortgage payment.

• 7 out of 10 foreclosed properties never receive any visible intervention -never try to sell to avoid foreclosure. SEVENTY PERCENT!!!

• When a foreclosure occurs in a neighborhood, on average prices fall 9% (I applied this to my local market and it’s pretty right on the money)

It is estimated that over half the homes sold in 2009 will be distressed properties; a forecast which doesn’t bode well for the stabilization of home pricing. The sad fact is many of these owners are not aware they may have options to foreclosure.

Recent announcements in the Administration’s stimulus plan provide initiatives for more loan modifications and the ability for some to refinance at lower rates. In addition, Lenders are showing more willingness to work with us on short sale situations….a win-win-win-win for Lender, owner, buyer and neighbor (not having a bank owned property next door).

In most cases foreclosure is not inevitable and many times owners can stay in their homes!

So today I'm asking for your help.

If you hear of someone who is behind on their payments or think they soon will be, please encourage them to explore their options. If they aren’t sure where to turn have them contact an experienced Realtor or visit the HUD site which has information and resources listed by state.

I have also published a website for owners in my area: NWforeclosurerelief.com which will hopefully serve as a helpful resource for distressed local owners.

I am in the business of selling real estate, but the more owners we can keep in their homes, the fewer short sales….and fewer short sales mean fewer foreclosures….and fewer foreclosures mean prices can begin to stabilize and buyers will once again gain confidence and be willing to invest.

Please help me spread the word there are alternatives to foreclosure.

I want to help be part of the solution and I hope you’ll join me!

Colleen Fischesser is the Broker/Owner of RE/MAX Select in Maple Valley, WA. She has been successfully selling and marketing properties all over South King & North Pierce counties since 1990 but specializes in the Maple Valley Washington area. She may be contacted directly at: 425-432-5400