Ask any active real estate listing agent how the housing market is these days and you might get a confusing answer. We would answer it like this:
The real estate market is good AND bad because every adequately priced home put on the market receives multiple offers and sells quickly, BUT the inventory, or sellers that decide to put their home on the market, is extremely low.
Whether its standard sales, short sales or foreclosures, the amount of listings that hit the market every day are extremely down. There are various reasons for this, but one of the main reasons is the upcoming elections. It is speculated that many sellers, including foreclosing banks, are holding back to see whether President Obama or Presidential hopeful Mitt Romney wins, and what direction the federal government will go. Either way, listings should see at least a small uptick after November 6th, 2012.
Ask any active home buyer today and you’ll hear stories of futile multiple offers on multiple homes. This type of real estate climate usually creates a seller’s market, and a seller’s market usually harnesses a rise in home prices.
The California Association of Realtors® (C.A.R.) said in its release of its 2012 Annual Housing Market Survey:
Favorable home prices and record-low interest rates are making the market competitive to the point that nearly six of ten houses are receiving multiple offers.
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