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Will 2013 be a better year for home buyers then this year?

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August 06 2012 - US
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Profile picture for SteadyState
Some links for CA market:
1. http://lowes.inman.com/inmaninf/lowes/news/138904 (UCLA forcast Aug 7, 2012)
2. http://www.globest.com/news/12_377/losangeles/multifamily/CA-Housing-Market-Gives-No-Real-Recovery-Indication-322629.html (another UCLA economist)

No good news for housing in sight - yes homes will be bought and sold but a recovery NO. Housing as an investment is dead for a generation.
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August 07 2012

Much will depend on location.  Here in my NJ market, I am seeing continued signs that we are turning the corner.  My the Market Absorption Rate metric which measure average time to sell, the Spring Market surged and has carried further in to the Summer than is traditionally the case.  Time to sell in some of your popular communities that hug the train lines and offer well respected schools is in the "normal/balanced" market level of 5-6 months or even lower.  When it falls below it is considered an appreciating market - by degree, and likewise when it goes over, a depreciating market by degree.

This metric which is calculated by dividing total inventory by the number of properties that have gone under contract in the last 30 days is a good way to gauge market health. When you begin to see repeated months of normal or better performance, it is a signal that the market is stabilizing.

I am hopeful that the 2013 market will show further improvment and with that there will be less issues with appraisals which is good for both sellers and buyers.  Also, interest rates are expected to remain deliciously low, which continues to make this a very good time to buy if you have the qualifcations to do so.

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August 07 2012
If 2013 is anything like 2012 has been in the Dallas/Fort Worth area, buyers are going to have to move quickly if they want to get the good houses.  We have had a VERY low inventory this year so unless you have a good realtor who is ready to move quickly when new homes hit the market, you are going to miss out.  We've had low inventory and a larger number of buyers so 2012 quickly turned into a seller's market in the DFW area.  Fortunately for buyers, the price of the homes are still dependant on meeting an appraisal so prices aren't able to sky rocket at the rate that the demand for the houses has.  The key is being able to act quickly when the houses go on the market which means having a realtor who is proactive and understands the market.
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August 06 2012
Profile picture for Pasadenan
Perhaps this "forecast chart" for 2013 by Zillow may help?


full sized image to read the text:
zillow.com/blog/research/files/2012/04/Q12012ForecastGraphic.jpg
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August 06 2012
It really depends on the buyers you are referring too. Most buyers will face lower inventory to choose from. Interest rtates are expected to stay low-very low relative to historical numbers-but the rates are already inching up. I would still take a 4.5 percent rate today as being a great rate, but there will be those who passed on a 3.75% rate hoping for better.
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August 06 2012
Profile picture for sunnyview
It is hard to say. The health and trend of the 2013 RE market depends on the three main things property inventory, job market and interest rates. The Fed said that they plan to keep rates "low" so that may be stable next year and favorable for buyers.

The job market is better than it was, but is still soft and may hit a bump after the holiday hiring. My main concern would be how much of the shadow foreclosure inventory actually exists that might impact prices in the first couple quarters of 2013.

The direction of market becomes less important if you seek value in your local market based on pre bubble valuations, assume a longer timetable than 5 years for the next sale and investigate the difference between renting and buying in your market. The call on whether to buy depends on your price range and local market. You have to consider the facts and not buy into any salesmanship. Make your own decision.
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August 06 2012
I think that home buyers will have access to better inventory. I think that, based on current market conditions, buyers using financing will be paying a slightly higher interest rate.
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August 06 2012
 
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