Homebuyers are back! After a cold spell through fall, winter and spring, buyers are acting on the positives of lower prices, lower interest rates and higher tax credits. The result? An increase in sales of existing homes for the last two months. Savvy sellers who are positioning their prices for the market are the beneficiaries as they go to closing and move into their next home. Meanwhile, sellers who are holding on to yesteryear price tags are the ones now out in the cold.
As you check the graphs of your areas of interest, you may see continuing high inventory of homes with prices still dropping. In some areas, you will see encouraging trends with more properties going off the market than coming on with inventories dropping, signaling a move toward an appreciating market.
You will hear national statistics about what is happening in real estate, but if you are a buyer, seller or a market watcher, the market information and trends shown in these graphs will be your best guide for the local situation.
Click on your area of interest below for another market watch brought to you by your Real Estate Insider!
Robert Albrecht is a Real Estate agent with Coldwell Banker in Washington DC. He has been in the business for half a decade and enjoys sharing his knowledge and experience with web savy consumers.
Buyers maybe returning to the DC Market but here in Los Angeles things are still very dicey. I think we are good 3-6 months out before we hit bottom. Unemployement has hit the west coast pretty hard and thats driving our market I think. Its good to know that there are markets out there that are starting to turn the corner.