Chris Gmyr

Many of us know that due to the economy and many other important factors the housing market has been struggling. Even though tax breaks are being looked at and programs are being started, this may not be enough to rescue the struggling market yet. According to an article from U.S. News and World Report, entitled, “Home Sales Tank: What It Means for You”, home sales dropped almost 17 percent in December when compared to November sales. Some of this could be due to home buyers racing to get the tax credit in November and may not be that bad because it only is showing what would have happened had it not been for the tax credit deadline.

What this means for homeowners is that things are looking much better than before. Home values have become more stable since 2009 and there have been mortgage cuts and more tax breaks to make the situation look brighter for many homeowners.  For home buyers this could mean that they should get the most leverage in the housing market at least until the spring. There are low prices, tax credits, and mortgage programs working in their favor as well. Home buyers should keep an eye on prices and rates though because they could get higher.

Prices should go back up from December’s low levels but home sellers may still have to work to sell their home. It is best to consult with an experienced real estate agent about your options and what would work best for you and your family. Things were worse last year though, so they might start looking better during the first part of this year. Home sellers should consider pricing their homes accordingly and doing everything they can to help an agent sell their home.

This report and other housing market news can help keep homeowners, buyers, and sellers more informed so that they can make the best decisions possible now and in the future. It is important that every possible buyer and seller know how the housing market is doing.