Home Sellers Doing Well In Some Cities
SOURCE: Forbes
New York has historically set record prices for some residential properties and the price per square foot and median sales prices have seen new highs. There is a lot of new construction but vacancies are on the rise. Between the various indicators with the loosening market, job losses, and new construction projects adding to an already growing inventory, these all add to the mix when buyers are looking to make a purchase.
"What happens is that people tend to look at prices as a barometer of the health of the market," says Jonathan Miller, president of Miller Samuel, a Manhattan appraisal company. "But it's really how many people are in the market, and what you're seeing now are people dropping out because of affordability or because they can't get credit."
West coast sellers are faring better. Farther north, San Francisco's conforming loan limit jumped from $417,000 to the maximum $729,750, which makes getting credit a simpler affair for many of the city's home buyers.
The main thing to understand is that job growth, new construction, vacancy rates and the ability to get credit are important measures; the key is that when there are more buyers than sellers it should translate into a quicker sale. Even though this may mean a small or little price gain, it's still a sellers market in some areas.
Read full report »
New York has historically set record prices for some residential properties and the price per square foot and median sales prices have seen new highs. There is a lot of new construction but vacancies are on the rise. Between the various indicators with the loosening market, job losses, and new construction projects adding to an already growing inventory, these all add to the mix when buyers are looking to make a purchase.
"What happens is that people tend to look at prices as a barometer of the health of the market," says Jonathan Miller, president of Miller Samuel, a Manhattan appraisal company. "But it's really how many people are in the market, and what you're seeing now are people dropping out because of affordability or because they can't get credit."
West coast sellers are faring better. Farther north, San Francisco's conforming loan limit jumped from $417,000 to the maximum $729,750, which makes getting credit a simpler affair for many of the city's home buyers.
The main thing to understand is that job growth, new construction, vacancy rates and the ability to get credit are important measures; the key is that when there are more buyers than sellers it should translate into a quicker sale. Even though this may mean a small or little price gain, it's still a sellers market in some areas.
Read full report »
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