With the stock market at record highs, and the economy showing steps in a positive direction, many are starting to wonder about the real estate market. In addition to comparing the month-to-month activity, consumers need to take other factors into consideration to see if their area is showing signs of improvement.
Market Trends in Your Area
To get an idea where your area stands in relation to the housing market, you may want to utilize the assistance of an online real estate marketing locator, like the Movoto real estate finder. By simply inputting the Zip code, you'll be able to pull up a listing of the homes recently sold and their prices. For example, Philadelphia, PA has started off the year of 2013 on a positive note, and the forecast for the area seems to be holding strong. It's leading toward an especially strong showing for buyers and gives them ample opportunities to find the home of their dreams. The housing market in Philadelphia is also positive for sellers since the homes are selling close to the price at which they've been listed.
Job Market Recovery
Another sign that the housing market is on the rise is the job market recovery. You have probably had relatives, co-workers, friends and neighbors laid-off of work in recent years. As the economy has started to improve, you'll find the employment opportunities to be significantly plentiful. This means more and more people are going back to work.
Limited For Sale Signs
In previous years, homes were having a difficult time selling, and it took close to a year for them to get an offer. Even then, the offers that were presented were significantly lower than the asking price. However, the housing market has seen a rise in sales over the past year and many neighborhoods are experiencing limited for-sale signs. This is especially beneficial for the owner who has to sell their home at present.
Less Distressed Sales
With the volatile economy in recent years and many people out of work, you probably noticed that your home values have continued to decline. This was due in part to the rise in short sales and foreclosures. Many families were left with the only option of abandoning their home. However, the housing market is noticing a dramatic decline in distressed sales, making it a stable environment for those who want to sell or purchase a home.
Move-up Homes are on the Rise
During a down market, the only individuals who are going to sell their home are those who have to. Reasons behind the move could include people transferring due to a better job opportunity, divorce, and individuals no longer being able to afford their home. In a better market, you'll find families able to afford a better home, so look for the move-up trends to be on the rise.
The downturn in the housing market over the past few years has caused many consumers to be cautious. However, with a rising job market, and the economy continuing to improve, the signs are showing that the housing market is heading toward positive territory.
About Author: Lisa Coleman writes to encourage people who might be looking to buy and sell their homes in today's real estate market. Movoto real estate finder is an online tool which provides market information by area, and is useful for finding signs of improving market values for the transitioning homeowner.