While it’s not true everywhere, there are some local real estate markets that are slowly starting to turn around. One such market is in Asheville, North Carolina, where interest rates are still low and property prices have stabilized. Homes are beginning to sell again, and that’s great news for the people who have had them on the market for a long time. It’s also great news for buyers, because homes being sold means that banks are starting to become more relaxed with their lending. For a long time, sellers couldn’t get their homes sold because they owed more than the homes were worth, but also because buyers that wanted the homes couldn’t get financed.
The Asheville market isn’t the only one that’s improving, either. There are small and medium-sized markets all over the country that are getting better. It’s not in the news much because the largest markets – places like Los Angeles, Phoenix, and Miami – are still struggling to regain some footing, but for the people in the improving markets, there is a renewed sense of hope. Eventually, these smaller and mid-sized markets will continue to grow and that growth will spread into the larger cities. It’s all part of an economic recovery that many hoped for long ago and that’s taking it’s time to arrive. It’s getting there, though, regardless of how slow it has been.
If you’re in a larger market that hasn’t seen improvement yet, your time is coming. There are better days ahead in the real estate market, but patience is required. That can be very difficult for people who aren’t sure whether they can continue to make their house payments and frustrated buyers who really want to get into a house but have credit scores just a few points below the cutoff.