Princeton Town Topics – Let’s Talk Real Estate – February 21, 2007
THE SHIFTING MARKET
Some weeks there seem to be several buyers for every house listed for sale and then there are times when houses seem to remain on the market for months with no real activity. You also hear stories about sellers who got sale prices that exceeded their asking price.
Many variables can affect the real estate market; it can go from a sellers’ to a buyers’ market, and back again in a short time. In a normal market, price and interest rate are the two most important factors. When interest rates are low, prices may edge up as buyers’ purchasing power increases. As the interest rates go up, monthly mortgage payments are increased, and this may temporarily eliminate some buyers from the marketplace. In the shift toward a buyers’ market, homes will sell if they are in a good location and priced well. Whatever the market conditions, a professional Realtor can quickly sell your home for top dollar.
