In recent months we have seen the real estate market pick up significantly, back to the point a year ago when talking about housing activity. Realtors are still waiting for the market to pick up more but will the market return to where it was a 2 or 3 years ago? That is a question many having been asking.
So is it a Seller's market? Most homes that Realtors are dealing with now of days are entering multiple offers. What is that a function of? Consumer confidence is picking up but it hasn't returned to where it was prior to the recession. Well interest rates have bottomed out and the only way they can go is up. That means the first time buyers that are watching the market are out shopping and home owners that want a larger home are out. Right depending on the neighborhood, part of the city and part of the Country, demand is outweighing supply. The supply is low and homes aren't being listed as frequently as they were in the past due to consumer confidence. Demand>Supply=Seller's Market.
There are several questions to ask -
How long will this last?
Will the housing activity pick up even more?
After government pulls out incentives will housing market drop again in 2011?
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