up or down? Think location
One of the most important
things about the real estate market is that
it can look entirely different, depending on
where you're standing. National trends are meaningful,
but what's happening in your state affects you
more directly. What's going on in your county
is even more important. And in your town far
more important than the county. And so on, right
down to your street and the houses adjacent
The more locally you regard it, the more you will know
about real estate and its impact on your life.
That's what "location, location, location"
is all about.
We all hear the real estate market
is down, depressed, lethargic, bursting, deflating
... whatever. Last fall, homeowners in New York,
Rhode Island, New Hampshire and Massachusetts
saw prices fall from the previous quarter. But
from September 2005 to September 2006, homes
in Idaho, Utah, Oregon and Arizona enjoyed double-digit
appreciation of close to or above 17 percent.
Sales figures also lagged in
some parts of the country. Sellers held
out for the prices they wanted and buyers waited
for better deals promised by the buyer's market.
Sellers expect appreciation and buyers want
It's been a buyer's market and continues to be a good
time for buyers. Affordability is up, incomes
are rising and home prices have stalled or are,
in some cases, declining. But many experts believe
an acceptance of somewhat lower prices by sellers,
a smaller volume of homes on the market, increasing
income levels and rising interest rates could
be contributing factors to cause the buyer's
market to disappear by the end of 2007 and be
replaced by a neutral market that favors neither
buyer nor seller.
Which all leads up to a very interesting
spring real estate season that's about to get
under way. Are you a buyer?
An interested observer? Did your bubble burst?
Just hiss a little? Or did you see double-digit
appreciation? What will this season mean for
you? Bankrate's Guide to Real Estate 2007 aims
at providing insight and perspective, as well
as facts and figures to help you achieve your
real estate goals.