For quite a while now, the market has been tipped in the Buyers favor generally. When it hit bottom, interest rates were at historical lows and relative prices for homes had never been so affordable. But the market has been shifting…imperceptibly, quietly, shifting as it always does. It’s funny but the only way most change is noticed is in hindsight…after the fact…after it’s too late.
But here’s something fresh…a prediction…The market will continue to improve. A simple barometer to guage that by is inventory absorption rates. There was a glut of homes on the market that were unsold. Still there’s quite few. But the demand is starting to catch up with the supply, especially in the middle to lower price points. The ratio of the number of homes competing for the number of buyers out there was higher…but now it’s less. The market is improving.
If you are thinking about selling, stop worrying about if it’s the right time and get off the sidelines. If your home is in good condition, presents itself well and priced right, it’s going to sell. Also, when your house sells, the home you want to buy is still reasonably priced now. And…if you are thinking about buying, it’s still a great time to purchase. So what if rates are a little higher than before, they are still terrific. When the market heats up more, home prices and interest rates will be even higher still. If you are lucky enough to be a first-time home buyer or have not owned a home in 3 years, there is still time to utilize the Tax Credit Incentive offered which can mean up to $8,000 to you.
The market is improving. That’s an interesting detail in itself don’t you think?
For in-depth analysis and summary of last month’s market with actual numbers, charts and graphs, see my latest Market Watch Newsletter. If you would like a copy of MarketWatch emailed to you every month, just send a request and your address will be added to our Newsletter subscription mailing list. Subscriptions may be started or stopped at any time.
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