5 Buyer Strategies to Survive Today’s Real Estate Market
As the number of homes for sale continues to decline in many real estate markets, prices are starting to rise and home sellers are seeing multiple offers for their listings. In times like these, home buyers are going to have to get creative if they are going to find and purchase the home they want.
Home Depot (NYSE:HD) has decided to hire 80,000 seasonal workers this year — a 14% increase over a year ago — including 10,000 in the spring alone. While this is a promising sign for the company’s growth prospects (and the stock, which has more than doubled since late 2011), it also is further proof of the new reality for the housing market.
See, back in 2006, selling real estate was a real challenge, as buyers were everywhere. Fast forward past the real estate meltdown of 2007 to 2011, past the beginnings of a turnaround in 2012 and … well … less than you expect has changed.
Now, an artificially created lack of inventory has led to a feeding frenzy among buyers, who are competing for a paucity of new listings. The banks and Fannie Mae continue to release their shadow inventory of foreclosures at a snail’s pace, which is stabilizing real estate prices but extending how long it will be until foreclosures represent only a fraction of total homes listed.
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