Are you in one of the top ten markets where landlords make a killing?
Depending on where you live dictates whether you're in a sellers market or buyers market. According to Fannie Mae it's the second straight month that consumers decided that now is not a good time to purchase a home. Only 64% decided that they would buy a home now down 6% from June. Those who said they would rent rose to 32 percent.
If you look at Zillow's latest Top Ten pole for buyers and sellers they show that for sellers the Bay area, Seattle and Dallas where properties are going at or above list price have the most negotiating power. If you're a buyer then look to the Northeast or Midwest where buyers aren't having to get into a bidding war because of lower inventory to purchase properties like the West coast and other major cities.
Interesting how we have such diverse markets......................
1. San Jose, CA
2. San Fransisco, CA
3. Seattle, WA
4. Dallas-Fort Worth, TX
5. Denver, CO
6. Riverside, CA
7. Las Vegas, NV
8. Los Angeles, CA
9. Nashville, TN
10. Sacramento, CA
(Cali is taking five of the ten spots)
1. Rovidence, RI
2. Cleveland, OH
3. Philadelphia, PA
4. Milwaukee, WI
5. Chicago, IL
6. Pittsburgh, PA
7. Tampa, FL
8. NewYork/Northern NJ
9. Cincinnati, OH
10. Jacksonville, FL
So if you're currently in an area that home buyers are feeling less comfortable in purchasing than renting having rental properties would be a good thing. If your in a sellers market take advantage of it and sell your property before the market changes. I know there's a lot of people out there that want to sell but are afraid that they wont be able to find a property right away and have to move twice. There's always ways around that. I've been in business for ten years and haven't had to have a seller move twice yet. Consult your real estate agent.
Here's what an economist is staying about 2015
“The August National Housing Survey results lend support to our forecast that 2015 will likely not be a breakout year for housing,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The deterioration in consumer attitudes about the current home buying environment reflects a shift away from record home purchase affordability without enough momentum in consumer personal financial sentiment to compensate for it. To date, this year’s labor market strength has not translated into sufficient income gains to inspire confidence among consumers to purchase a home, even in the current favorable interest rate environment.”
Either way be sure you have a great agent to help you make that transition. If you need a referral outside of the the DFW Metroplex please let me know and I'd be glad to help.
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