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2008-05-26 05:12:45
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Article by Thomas McGiveron |
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One of the statistics that seems to elude most homeowners when attempting to price their home is the simple, yet important, supply vs. demand economic factor. Going back to economics 101 (and this may hurt your brain a little bit), if you can remember the simple equations that follow, you'll have a better understanding of how the market is impacting your home's value.
1. When Supply of a Product (your home) is low and demand (buyers) is high, home values will increase (2002 through 2005).
2. When Supply of a Product (your home) is high and demand (buyers) is low, home values will decrease (2006 through?).
The bad news for Long Island homeowners, the average is nearly 20 months (and higher in Suffolk).
There are buyers out there right now. There's just not enough to match the amount of homes on the market. As new construction homes continue to decline, this will help homeowners (resales) because it will effect inventory (the less homes going on the market the better for everyone). Additionally, as FHA loans become increasingly available to buyers, the buyer pool, which was hurt by the expansion of sub-prime lending, will begin to level off and most likely will raise the amount of demand (more buyers able to get affordable fixed loans).
Through all of this, homeowners must continue to adjust prices in a downward trend to match the demand. It's also up to real estate professionals like me to help homeowners price their homes correctly.
For a free comprehensive market analysis of your home's value, please call me at 631.587.1700, ext. 51. If you are located outside of Long Island, call me and I will use the largest network of qualified professional Realtors in the Coldwell Banker database to find you the expert you need.
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Supply
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Demand
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http://www.tommcgiveron.com
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