REAL ESTATE MARKET: UP or DOWN WHICH IS IT?
As a Realtor I seem to get asked this question from family, friends and of course Buyers and Sellers and guess what...it Depends!
Not the answer you are probably looking for is it? Let's consider one factor though; Real Estate is local! Real Estate ABC.com points this fact out in their July report. I can go from Madison to Wausau and see a large difference in prices and the value of homes so why would we not think that our local economies on the market would be any different?
Another factor to consider is simply the price range that the home is in. Homes below $140,000 seem to be moving yet ("Seller's Market"), there are still a number of buyers on the lookout. When you shift into the higher ranges, the number of buyers decline so there are simply a larger surplus of homes (thus Buyers have more homes to choose from and it is a "Buyer's Market"). Money.CNN.com latest reports quote the National Association of Realtors on the "...buyer's market in housing..." which just means that Sellers will have to be a bit more competitive in pricing their home.
The June report also discusses how nationally the market has shifted. Shifted as I would define as "getting back to normal"; let's face it we've had an exceptional Real Estate Market for the past 4-5 years and home values just kept going up and up, but did your boss give you a raise to match? Probably not! Our income and economy has to go up to meet where the home prices are now or (and here's the big AHA!) home prices need to come back down to meet peoples income...seems pretty simple.
So next time the evening news comes on and they are talking about the "Real Estate Bust", don't give into it and ask where!