A recent Newsweek poll reveals that nearly six out of every 10 Americans are either “very” or “fairly” concerned that the U.S. housing market is going to crash within the year. Certainly, the nation’s economic news is not particularly bright, especially because the nation’s top leaders have not yet resolved serious budgetary and debt ceiling concerns. However, there are other reasons why both aspiring homebuyers and current homeowners hoping to sell soon are getting concerned.
For example, one recent Business Insider feature is entitled “The Housing Market’s Ice Age,” and its subtitle reads, “If you don't already own a home, you're going to be screwed for years to come.” The piece concerns the fact that, in much of the country, higher prices, lower inventory, and fewer sales are freezing the market over. It would be difficult to NOT be concerned about the state of the residential real estate market after reading comments like that from a trusted source. The question then becomes, how do those who hope to buy or sell a home over the next few years navigate current and likely conditions successfully?
The Housing Market Is Not a Monolith
Another recent headline – this one trumpeted by both Fortune and Yahoo Finance – should give home buyers and sellers a better sense of how to manage the current and likely future state of the market. This headline reads, “Zillow Just Got Super Bullish on These 37 Housing Markets.” This headline underscores the reality that the housing market is not a singular entity. The market conditions that affect one state, city, neighborhood, or section of a block will not always apply to every – or any! – other area.
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