The housing market has been on a roller coast over the last decade. First came the housing bubble, and the then inevitable crash. More recently, the housing market has recovered with remarkable pace. Foreclosures are down, home prices are up, and generally speaking, homeowners are in a much better position than they were even just a few short years ago.
Why? Several market conditions have improved. One of the big reasons why prices dropped so dramatically in the first place is because millions of homeowners hit hard by the recession and falling prices could no longer afford their mortgage. These homeowners, called “distressed” homeowners, numbered in the millions. Today, however, rising prices have helped lift many homeowners from negative equity, and there are fewer distressed homeowners.
Additionally, demand is high. Buyer activity at the start of this year was three times higher than at the start of last year. Supply, however, hasn’t kept pace. These market conditions place home buyers in a powerful bargaining position and have helped drive home prices up!
I have a report that explains in further detail why prices have gone up and why your home might be worth more than you think!