Thursday, February 28, 2013

Buying Homes in a Down Market

Beautiful Tenerife
There's quite a bit of talk about the real estate market getting better in the near future, but at the same time there is a great deal of uncertainty. Certain areas of the country have been doing well, and home buyers and investors have been eager to snatch up homes with the opportunity to sell them at a higher price down the road. This leads people to talk about the dreaded bubble word, which makes me and the rest of the world worried.

There are quite a few areas in the United States that are seeing a nice turnaround though. Washington D.C. is an example of an area that's shown significant signs of recovery, for an area that's struggled quite a bit in the last 30 years. Inventory of unsold homes is down to 39 in a neighborhood where last year at this time it stood at 78. Housing prices are again climbing, making home buyers more eager to sell their homes, and more real estate transactions occur as a result. Pockets of Arizona and Texas are also seeing ridiculous growth expansion, where homes are being sold at double the rate they were a year ago, with no decrease in home values. The question is if these gains can help carry the rest of the real estate industry out of its slump. There are no sure bets on the entire market returning to balance, let alone shifting back to a sellers market. Still, many experts say the bottom has been reached in some markets, and the only thing to fear is another housing bubble. Only time will tell if we can learn from our previous mistakes.

If you are looking to buy a vacation home abroad, or just move in to a new area, you may think to intensify your search before prices begin to climb again. Our advice however is to always make a vacation home purchase or new home purchase based on the area and the home itself, and on the fact that you believe you're getting a great bargain on the area. Home prices do in fact go up from down markets, and you always hear success stories while it addresses this subject about the general residential market, offers some useful homebuyer tips that apply whether you are hunting for a primary residence or a second home.

Of course, it's always a good idea to monitor home prices and real estate conditions in an area that you know you would one day like to live. Taking a look at Tenerife property for sale (one of the most beautiful areas of the world) you can find studios, apartments, villas, houses and businesses for sale that are all reasonably priced for an area that has quite a high demand. Now would be a good time to contact a real estate agent there about available property if you would like to move there in the near future. 


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