Monday, February 18, 2013

Housing Market Rebound?

I have read news about the forecast for housing market in 2013 and it is still not promising. The government is still in the talks and ongoing debate about the borrowing limit and  federal spending so it is not sure whether the housing market will be on a big rebound this year. Accordingly, there will be mixed results for this. 

Our community or neighborhood is new, about 2 years. Since we are near military bases, most of the residents are connected in the military. So basically people here come and go. One of our neighbors are moving to other station and they are putting their house on sale. It's been about 2 weeks that we saw the for sale sign and yesterday we saw another sign that says new price. The house is for sale around $320,000 and I am not sure how much it went down now with the new price sign. This just goes to say that still, even if interest rate is low, there are still less buyers and more inventory.

Sometimes, though, this would really depend on the area. Here in WA state the range of houses on sale are on the higher level. I seldom see houses that are below $200,000. When we got our house in 2011, it was on the high $200,000, but I compared it to Louisville housing market in Kentucky, where a friend is currently looking for houses, with the same square footage and you can see good prices of it in low or mid $200,000. 

I can only hope that the housing market really can go back up again. I know there are lots of people struggling and trying to at least break even when selling their houses, and hopefully foreclosures will be less this year.

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