You want to know whether the market is strong if you are buying or selling real estate. Having such information lets you know how flexible you need to be in offers.
Sales have slowed for large parts of the east and west coasts for sellers. Good news for buyers there. On the other hand, sales are picking up in parts of the interior of our country. A cheerful note for sellers. Lets look at what is happening, why and what it means to you.
A lot of things affect market strength, but some more than others. Is employment strong in your area? Are there jobs available that pay well? Plentiful jobs that pay well help to strengthen the real estate market.
Is there a high inventory of newly built, but unsold, housing in your area? Has this inventory been increasing or decreasing? Sales tend to slow and prices decrease when inventory is very high. This often happens when prices have moved above what average families in an area can afford.
Where Home Inventories Are High
In Washington, D.C., Miami, Florida, and Phoenix, Arizona inventories of new unsold housing have increased greatly in the last twelve months. Those markets tend to be better for buyers...
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