By Shelly K. Schwartz • Bankrate.com
The housing market these days can best be described as a moving target. Some metros have gone from white-hot to ice-cold in just a couple of years, while other cities are just now hitting their stride.
The housing market these days can best be described as a moving target. Some metros have gone from white-hot to ice-cold in just a couple of years, while other cities are just now hitting their stride.
"There's so much going on and so many different trends across the country that when you net them all out at the national level, it really doesn't capture the wide variety of experiences going on in local markets," says Rachel Drew, research analyst for Harvard University's Joint Center for Housing Studies in Cambridge, Mass.
Indeed, the yo-yo performance of residential real estate makes it tough to take the pulse of the nation's housing market, let alone determine where your own neighborhood falls on the recovery curve.
There's no crystal ball. But for those looking to buy, sell or renovate, there are a handful of signs that may indicate whether a recovery is just around the corner in your neck of the woods.
How will you know when the real estate slump is over in your neighborhood? Here are a half-dozen signs of a possible turnaround.
1. Fewer 'for sale' signs
2. Job growth
3. Increased affordability
4. End of price reductions, concessions
5. More new construction
6. Positive changes in your neighborhood
How will you know when the real estate slump is over in your neighborhood? Here are a half-dozen signs of a possible turnaround.
1. Fewer 'for sale' signs
2. Job growth
3. Increased affordability
4. End of price reductions, concessions
5. More new construction
6. Positive changes in your neighborhood
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