Tightening inventory can improve the value of a property
Posted on Monday, July 30, 2012 at 5:09:01 PM
Limited housing inventories in metros are a sign of a strengthening real estate market. According to the National Association of Realtors, 4.55 million property transactions were completed in May 2012 - up 9.6 percent from the past year.
As the available real estate inventory declines, more homeowners could see their property improve in value. In addition, there is a number of variables that could spark this reduction in available housing.
"Other factors that have contributed to lower inventory is the tremendous bargain consumers have before them. Low rates and prices make the cost of homeownership less than renting in many markets. In addition, many markets have absorbed the foreclosed inventory that has been available," said housing expert Patrick Deady from Home Loan Investment Bank.
Consider checking out the MLS listings for nearby neighborhoods to determine if the right home is on the market for sale. The research and tightening inventory may prove beneficial for those looking for an investment property or a large house.