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Answers (4)
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
I guess the better question would be for whom does the upcoming market look better? You might get a very different answer for a buyer than a seller, or an agent, or an attorney doing evictions...
- Bob Brandt, "BobBrandtRealtor"
- Contributions:1019
My crystal ball is telling me yes, with many great deals for buyers and homes selling on a larger volume for sellers. A win-win.
- Mark Karambelas, "MarkKarambelas"
- Contributions:26
Good news! The tax credit has been extended and expanded beyond first time buyers. With these new incentives I would guess that it is quite possible that the spring market might be a little better than last year. If you look at the current economic conditions they appear to be more stable than this time last year and the stock market hitting highs is creating more optimism than last year at this time.
Everything still boils down to price. The buyers at this point still have the upper hand and there are some good deals to be had. Sellers need to be competitive and listen to their real estate agent on where the home should be priced.
In the past week I have seen news articles that say home prices will be up 4% next year and other articles that say they are going to be down still. The one thing that holds true is you will never know the bottom until after the fact. At this point you are probably closer to bottom than the top, but I would expect a slow recovery over the next couple of years.
Everything still boils down to price. The buyers at this point still have the upper hand and there are some good deals to be had. Sellers need to be competitive and listen to their real estate agent on where the home should be priced.
In the past week I have seen news articles that say home prices will be up 4% next year and other articles that say they are going to be down still. The one thing that holds true is you will never know the bottom until after the fact. At this point you are probably closer to bottom than the top, but I would expect a slow recovery over the next couple of years.
- Synthia Noble, "synthianoble"
- Contributions:94
Well, if I knew the answer for sure, I would be in the cat bird seat. Having said that there are a few factors that affect the market.
1) Tax Credit. Over the last few months, as the first time home buyer tax credit deadline got closer, I have had more closings than the entire rest of the year. So the extension of the tax credit for first time buyers and offering a similar tax credit to other buyers, will continue to affect the market in a positive way. The new deadline is to be under contract by April.
2) Weather. chicagoland typically has more activity in the spring due to the weather than in the winter. (last spring we didn't have the tax credit)
3) Demographics. The echo boomers (children of baby boomers) are entering the period of their lives when they are starting to buy real estate (early thirties). Echo boomers are the largest demographic group since the baby boomers. This will increase the number of buyers - which will help drive down the amount of inventory and eventually increase prices.
So generally I would guess that the market will be rosier in the spring.
1) Tax Credit. Over the last few months, as the first time home buyer tax credit deadline got closer, I have had more closings than the entire rest of the year. So the extension of the tax credit for first time buyers and offering a similar tax credit to other buyers, will continue to affect the market in a positive way. The new deadline is to be under contract by April.
2) Weather. chicagoland typically has more activity in the spring due to the weather than in the winter. (last spring we didn't have the tax credit)
3) Demographics. The echo boomers (children of baby boomers) are entering the period of their lives when they are starting to buy real estate (early thirties). Echo boomers are the largest demographic group since the baby boomers. This will increase the number of buyers - which will help drive down the amount of inventory and eventually increase prices.
So generally I would guess that the market will be rosier in the spring.
Does the upcoming spring market look better than the last year.
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