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Shift towards buyers’ market inevitable, professionals say

January 27, 2015

For consumers, keeping track of who should be buying, who should be selling and when to do so can be a real challenge, especially since the start of recession had many people running from the housing industry altogether. Many Americans have been riding a roller coaster of investment advice and potential yields. Up until very recently, many homeowners were encouraged to purchase new, bargain-basement properties in order to convert them into rental units. In some areas of the country, markets experienced double-digit appreciation year-over-year.

But now the market is getting back to more realistic numbers, as the number of foreclosures has decreased to historic lows since 2008, and investors have pulled back from committing to new purchases. Even with all that said, the number of homes on the market is slowly increasing, making it more and more of a buyers’ market.

“What a difference a year makes,” said Stan Humphries, chief economist at Zillow, in a statement to USA Today. “At this time last year, we were worrying about a number of frothy markets that looked like they could be on the edge of another housing bubble, places where homes were appreciating at more than 20% per year and where buyers’ heads were spinning just trying to keep up.”

Regardless of whether you are looking to sell your existing home, or you want to buy a new property altogether, making sure that you have your finances in order is key to making sure you make the right decision. To learn more, contact us today!

Sources:

http://www.usatoday.com/story/money/business/2014/10/26/cnbc-housing-hangover/17772977/

http://www.cnbc.com/id/102108564

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