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For a while now, buyers have felt a bit more comfortable in taking their time and knowing that the house they really want won't be going anywhere any time soon. That luxury is now gone. While it's true that the house you see today may be gone tomorrow, that doesn't mean that you should throw caution to the wind and jump into buying a home that you are not 100% sure about. If you think you might fall in love with a house you are going to see, have your agent do a market study before you look at it. Get all of the facts on the market in that, the condition of the home and it's history so you will be able to make an educated decision when it comes to writing an offer.
This article comes to you courtesy of the National Association of Realtors and Bloomberg News:
"Some real estate markets are reporting that home buyers are having to pay more than asking price to get the home they desire, as the supply of for-sale homes has shrunk, Bloomberg News reports. Bidding wars were a common part of real estate in 2006. But when the market turned from a “seller’s market” to “buyer’s market,” more sellers started seeing lowball bids than high bids. Now times are slowly changing, and bidding wars are being reported in several markets, such as in Seattle, Boston, Silicon Valley, Miami, and Washington, D.C., Bloomberg reports. The inventory of homes for-sale is near a six-year low. Mixed with the low inventory, the job market has been improving and buyers are being lured to the record level of affordability in the housing market. Existing-home sales and pending home sales are up more than 8 percent compared to a year earlier, the National Association of REALTORS® recently reported. Trulia Inc. also reported that falling home values and low mortgage rates have made home buying a better deal than renting in 98 of the 100 largest metro areas. “The housing crash is finally giving way to recovery in an increasing number of markets across the country,” Mark Zandi, chief economist for Moody’s Analytics, told Bloomberg. “The decline in unsold listings and vacant homes and the increase in rents presage better times ahead for single-family housing.”