“In many markets sellers are in the driver’s seat because of low inventories. With inventories falling so dramatically in the last year, buyers are competing for a fairly small inventory of for-sale homes and that helps sellers.” – Jed Kolko, chief economist from Trulia.
When the housing market imploded in 2007 and took the economy with it, experts said the real estate market would never look the same again. Now, nearly six years after the crash, the dust has finally cleared and we have a true picture of the new housing landscape.
While investors may still be leery of hopping back into the market, housing starts, prices and confidence are on an upward trend and the tide may be turning this year to favor homesellers.
Homebuyers can expect a more competitive market in 2013, and should start the mortgage lending process at least three months before they plan to start seriously looking because experts expect the process to take several months under new lending standards. House hunters should be ready to deal right away as inventory is expected to remain at low levels throughout the year.
Homesellers are shifting into the driver’s seat with experts expecting bidding wars to break out in certain markets due to the low inventory. While homes will sell quicker this year, they still have to be priced right.