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Despite improved market, not all sellers are smiling

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

2012 was the best year for home sales since 2007. The inventory of homes for sale dropped, helping to stabilize the market. In most places, home prices appear to have hit bottom for this cycle. The median sale price rose in 2012 as the number of foreclosure sales decreased. And interest rates remain at historic lows. Buyers who were resistant to buying into a plunging market are preapproved and ready to go. Many want to buy sooner rather than later, before interest rates and prices start moving up. In some markets, this is easier said than done. In well-located niche markets, the drop in inventory last year was extreme -- as much as 50 percent lower than 2011. This turned buyer's markets into seller's markets where buyers far outnumbered sellers. Multiple offers were common in choice areas and often resulted in higher sale prices. Sellers have been waiting for a good time to sell. You'd think that the improved housing market would encourage sellers to take advantage of the b...