Everywhere we seem to turn there is bad news about the housing market. Whether it’s your local newspaper or the evening news on television, we seem to be getting the same message presented to us daily. However, the 2007 market was the better than you may have thought it was and was in fact the 5th best in history when we look back. 2007 actually saw about 5.5 million homes trading owners with an average sales price of $224,500, which is an approximate 1.5% price increase over 2006 according the the National Association of Realtors. While real estate markets are always local, the fact that there is a positive increase should be viewed as aood appreciation.
Some good news to consider is that the housing market is relative. That is, when you buy or sell is relative. When most people sell, they are also turning right around and buying because they need a place to live. If you are selling in a low market you are also probably buying in a low market. I’m telling most of my clients that this is a poor time to sell thier home but it is in fact a great time to buy. If a person feels they are giving up too much in the sale of thier home, they will make that up when they turn around and buy.
When you are making that purchase or sell decision make sure you are properly represented by an experienced and qualified Realtor. This is a good market to buy a home and a competent Realtor will help you navigate properly thru the current maze.
I agree that 2007 was a good year for sales but also a year for foreclosure and we keep trying to put the two together.
I agree when you sell you buy and whats lost on sale is more than made up for on buying. Thats proving hard to sell to some people to get the concept but by waiting it’s only gonna go lower.