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HOUSING MARKET INFO
For the past few years, mortgage interest rates have been at
their lowest level. This has resulted in more houses being sold in
America than ever before!
In general, for the past few years, the
housing market has been a sellers market. In fact,
property has been selling so fact in New York City that you can not
price comparison apartments based on what has sold. You need to
evaluate the prices of property that is already in closing.
However....the market is slowly changing. For the past few months,
the housing market is slowing down. In fact, the National
Association of Realtors, a trade group located in Washington, D.C.,
delivered a forecast for 2007, stating that the housing market will
"normalize" in 2007. In the year 2006, the nationwide appreciation
rate for existing homes in the United States maxed out at about 14%.
In areas where real estate is considered 'hot' (i.e.
Phoenix-Mesa-Scottsdale metro area) homes increased in value as much
as 50%! These appreciation levels are very high!
The appreciation trend is expected to slow down in 2007, maxing out
at 6%. It is also forecasted that the housing market will continue
to be strong. We can expect the second highest amount of houses to
be sold this year. However, the market will no longer be favored to
the sellers.
Brokers are reporting that when appreciation is high, sellers have
the upper hand in the market. Sellers get the price they
ask for. However, with the slow down of appreciation, buyers
will now have more opportunity to negotiate.
Knowing when the right time of year to
sell your home is also
important. In many cities, the warm weather results in more homes
being sold. However, this is not always the case. It really depends
on where you live. For example, in big cities like Boston or New
York, there is a great deal of competition. Waiting to put your home
for sale will likely result in it taking a longer time for you to
sell your home. But, you can take your time putting your house on
the market when living in a city like Houston.
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