JUPITER,
Fla., Aug. 20 /PRNewswire/ — Although housing and mortgage markets
are sinking quickly, consumers buying or selling a home who take prompt protective
action can greatly improve their chances for a positive outcome, according
to Mike Larson, real estate analyst at Weiss Research, Inc.
Most recently, existing
home sales have dropped about 20% from their peak, while new home sales have
declined 40%. The inventory of homes for sale is sky-high. A home builder optimism
index has fallen to its lowest level since 1991. And a measure of home construction
activity has fallen to a 10-year low. With these discouraging trends, Larson
recommends the following steps:
Step 1. If you’re
selling your home, be realistic about current market conditions and price
your property aggressively. Be sure to research “comps,” or sales of homes
comparable to yours, and price below them. This is especially important now
that many mortgage lenders are ceasing to lend or tightening their standards.
Moreover, with the spring selling season behind us, sales are bound to experience
a seasonal slowdown between now and the end of the year.
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