Home Sales Continue to Plunge
October 24th, 2007According to housing market analysts, home sales have continued to drop well through the month of September. This marks 7 consecutive months in the decline of home sales. For the month of September, there was an 8% drop in home sales. This is 19% below the pace from a year ago. To make matters worse, prices of homes have been steadily declining as well.
When should I buy a home? I think it would be smart to buy now or some time within the next year or so. You should buy while home prices and rates are competitively low.
When should I sell my home? I don’t suggest selling your home right now unless you get a decent offer. Otherwise, you may end up losing money. When my condo was up for sale about 6 months ago, home values were higher than now, but the marketplace was already starting to see some saturation. I had visitors every other day, but they weren’t interested in the price tag. How could you blame them? There were new offers springing up every week in the same neighborhood.
I do realize that where you live makes a difference. Certain areas may not be as badly affected as others. You really should do some research on the area you live in before making any decisions to sell or buy.
