Is your housing market hot or not? How to buy or sell a home in frothy, stalled or tepid housing markets By Amy Hoak, MarketWatch As your real estate agent will rightly preach, market conditions vary by location and it’s important for buyers and sellers to know what kind of environment they’re working in. You’ll get your first clue by looking at the area’s job market, because low unemployment means more people are likely able to afford a monthly mortgage payment. Then, talk with a local real estate agent about housing prices and how long homes are sitting on the market before they’re sold. Plus, almost 90% of U.S. markets are expected to experience price appreciation over the next year. Still, housing markets improve at their own, unique paces. Your playbook as a buyer or a seller is determined by whether the local market you’re dealing in is frothy, stalled or somewhere in between. If your market is frothy Congratulations, sellers. If you live in one of these markets with the steepest home-price increases and very low inventory, your job is a bit easier. But to get the most offers, which often leads to the highest sale price, it’s best to have the home in good condition and priced appropriately from the start, real-estate agents say. Buyers, get ready to make your best offers—and quickly. There’s often no time to dally in markets where competition for homes is fierce.
Posted on: Tue, 06 Aug 2013 13:37:36 +0000
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