Changing real estate segment could end 2013 more stable
Posted on Friday, September 13, 2013 at 11:56:36 AM
The end of the summer typically signals the end of the peak home buying season. Where inventory used to control value, a shifting trend seems to be headed toward demand.
The housing market appears to be more normal now than it has been in recent memory, according to data compiled by Realtor.com. Demand has now surpassed supply as a driving force, potentially solidifying the importance of home improvement financing in order to make a property more attractive to buyers.
"Where we have seen significant volatility in many markets, including double-digit declines in inventory as well as increases in median price for both yearly and monthly views, we are now looking at a housing market that much more closely resembles 'normal,'" said Steve Berkowitz, CEO of Move. "The fact that this moderation is becoming evident in more markets, and that rising mortgage interest rates are not yet affecting overall market activity, is further evidence of a much more stable housing marketplace."
The number of listings, as well as the median inventory age, increased month-over-month. The median list price didn't change over that time, although it was up more than 6 percent yearly.
When using home improvement financing to renovate, homeowners should be aware of buyer preferences, according to The Associated Press. Going over-the-top might not help resale value, and a property should remain similar to others in the neighborhood.