Current Real Estate Trends and Their Impact on You
Posted on March 18, 2009 in the Real Estate category
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Current real estate trends point to a decline in home prices, a drop in home sales, decreasing new home starts and record number of foreclosures. These real estate trends are indicative of the current economic situation and many find themselves trying to paddle against the current of these trends.
One of the most telling real estate trends is the decline in home prices. This has hit homeowners hard and many are discovering that their home is worth less than what they paid for it. While lower home prices may be good for those in the market for a new home, this trend is disturbing for people who once viewed their home as an investment.
One of the real estate trends that is most interesting to watch is the decline in home prices. This is bad news for current homeowners who have invested in their home and were hoping to reap the benefits of the home once they were ready to sell it.
Real estate trends are also pointing to housing price drops that are record setting. In almost every major metropolitan real estate market, there has been a steady decline in house prices as reflected in available statistics for the last quarter of 2008. This is a nightmare for homeowners who are finding their home’s value plummeting, many to levels below what they originally paid for the home. Buyers are taking advantage of this and are braving the rough economic waters to buy a home at a time when most people are a little shy of the real estate market.
Real estate trends across the country keep showing a slow down in home sales as well. This is not a great time to have a home on the market because prices have bottomed out. With record layoffs, less people are looking to buy a new home and are staying put or downsizing to rentals. Those that are looking to purchase a home are looking at hurdles in terms of financing. They can expect to put down a much larger down payment than what was required, and their credit scores have to be high.
When reading into these real estate trends, it’s hard to see where there will be a turnaround and prices will become more stable. Everyone is waiting for the stimulus package to kick in and the spring market may be telling as to how long these real estate trends will continue.
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It appears to be like Nasdaq: buy now for low prices and then (5 years), with the economic stabilized, sell for better prices.