While it might not seem possible, there are indications that home sales are slowly starting to trend upward in many areas of the country. These are sales of homes that already exist, not homes that would be considered new construction, but that’s still good news because it show that people are starting to buy again. There aren’t as many buyers as there were in the past, and they aren’t spending as much money. They don’t have to, because sellers are generally desperate to move their homes and they want to get them sold as soon as possible, even if they have to take a loss on them. The huge number of foreclosures has also driven prices down, so sellers can’t get as much for their homes anymore.
If you’re in position to buy a home, now may be the time. The prices are very low, and the interest rates, while still good, are slowly starting to creep up. Soon, they won’t be as good as they are right now, so buyers are starting to move a little faster. That’s part of what’s causing the home sales to move upward, along with more people who have lost their homes and jobs in the past and are now recovering and trying to buy again. They can’t get a home right after bankruptcy, but after a few years and some steady employment, they will be eligible again. That’s great news for them, and for sellers who are trying to move their houses.
New homes still aren’t being built in most cases, though, because there are too many existing homes on the market at very low prices. A lot of people also don’t have the money to build new homes, so they opt to buy one that already exists. That way, they won’t have to spend as much to get what they want.