I realize many people are wondering when the housing market is going to come out of the slump it's been in the past few years. Of course, that is the million dollar question! However, home values have been remaining steady and not dropping. As the economy improves and the unemployment rate starts going down, we will definitely see more buyers in the market. It all boils down to the simple concept of supply and demand. In the last few years, fewer people have been looking to buy a home and the inventory of homes on the market stayed the same or actually increased in some areas due to short sales and foreclosures. However in the past year I've noticed in Cannon County that the average number of homes on the market is hovering around 80. That is down approximately 20% from two years ago and about 15% from last year. This is actually good news for homeowners. Many people just gave up on selling their home and withdrew it from the market, while some people have decided now is not the time to sale. This factor feeds the demand for homes. Buyers are slowly creeping back into the market and the supply of homes is down, therefore creating more competition between buyers with less homes to choose from. When the buyers really start pouring back into the market, then the prices realized on homes will start to rise once again. Home ownership is the American Dream, renting and living in an apartment is not! This is why most renters will eventually become home buyers. Many people are renting right now, but I've not known many people who want to live in a rental their entire life.
REALTOR & Auctioneer