What's Keeping Your Home From Selling?
There has been a lot of media attention over the past few months regarding slowing home sales. It has made some homeowners, who had considered making a move, more anxious about listing their current home. Many are asking these questions. Has the market really cooled? Are there too many homes for sale? What can I do to sell my home?
In June of '06, the National Association of Realtors® had this to say about current home sales. "The housing boom has ended but sales at historically healthy levels will continue, and price appreciation will return to normal patterns across much of the country."
So why all hype about the home-market glut in the Twin Cities? In '04 and '05, the homes did sell at an extraordinary pace. Record-low interest rates were the driving factor and, chances are, we'll probably never see those numbers again.
"Those were some highly unusual times," says Chris Galler of the Minnesota Association of Realtors. "We essentially had houses 'on sale' for a few years, and all sales typically slow down at the end. It was inevitable."
We're on the opposite side of a hot market, but sales will continue both locally and nationally. The good news is, homes are still appreciating in value.
David Lereah, NAR's chief economist, said home sales are settling into a slower pace. "In recent years, we were occasionally challenged to find appropriate superlatives to describe surprisingly high home sales," he said. "Now the house market has cooled, but 2006 is still expected to be the third strongest on record."
It's important to look at the positives related to the current housing market. As Lereah says, "In this case, experiencing a slowing from a hot market is a good thing because we need a solid housing sector to provide an underlying base to the economy, and slower appreciation will help to preserve long-term affordability."
Yes, it is a more crowded field out there. Listings are up and home sales are down slightly. But, on average, homes are still selling within 90 days. Just make sure your property is in top condition and well promoted, and you can be sure there's a buyer out there for your home.
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