Selling your home is now easier than it has been in the last few years….but prepare yourself to lower your asking as rising home prices are not happening.
Real Estate agents are swamped with buyers due to low interest rates, falling home prices, & a wide selection and government incentives for first-time home buyers.
Prices of homes are about 15% lower than last year, but there is still going to be downward pressure on prices.
Weak job markets & unemployment are lending a hand to distressed situations & increased foreclosures.
These scenarios are adding supply to an already crowded housing market & foreclosure sales can hurt prices across an entire neighborhood.
Despite the gloomy outlook for home prices, the housing market does show signs of stabilizing. The problem is that housing markets move slower than stock markets, which often bounce back quickly after a sudden steep decline. While stock market players needed to wait several months for a rebound in equity prices, homeowners may be waiting several years for an improvement in the value of what is typically their biggest investment.
Tuesday, August 25, 2009
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