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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Broken_Clock who wrote (85016)8/13/2007 5:11:52 PM
From: TradeliteRead Replies (1) of 306849
 
Well, then...if my neighbor is a desperate foreclosure candidate, do I have to suffer when I sell because of what he was willing to take for his home?

I say NO..........I've sold homes right next door to some sellers who had crappy houses (from neglect) or who were in financial trouble. Their problems and low selling prices had nothing to do with the selling outcome on the houses I sold. Of course, some low-ball offers came in because buyers didn't understand why the next-door house sold so low, but the total marketplace became the judge, and the benchmark, of the eventual prices my sellers obtained.

You'd need an entire neighborhood or square-mile of homes in foreclosure to effect a generalized price drop in an area. Some new builder communities or condo buildings might go to foreclosure all at once, but the chances of this happening in urban areas on a grand basis with single-family detached homes is pretty slim. My opinion and experience only.
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