Things are looking up for real estate this year, especially if you're a seller. That's the message RE/MAX Chairman and Co-Founder Dave Liniger shared during a live appearance today on CBS This Morning, where he discussed current market conditions and housing's promising recovery.
During the roundtable interview, Liniger touched briefly on the competition between traditional buyers and investors, who typically beat out other traditional buyers in bidding wars because they often pay cash. CBS reporters referenced data from the RE/MAX National Housing Report, which shows a year-over-year increase in both the number of transactions closed and home prices in the U.S. from February 2012 to February 2013. As a result of pent-up buyer demand and low inventory, prices are steadily going up in several major markets.
With fewer resale options available, Liniger said, more buyers are opting to purchase new construction. The decreasing inventory in lower price ranges and rising home prices might affect housing affordability in the next few years, Liniger said. First-time homebuyers, in particular, might get priced out of the market even if the government keeps interest rates low, he added.
Are you currently looking to buy or sell a home? Leave a comment, and tell us what your plans are based on local conditions in your market.