Buy Now or Wait a Year? What Home Buyers Should Do to Avoid Making a Big Mistake
In October, the sale of existing homes in the U.S. dropped 5.9% from September and 28.4% from the previous October, according to the National Association of Realtors (NAR). This is the ninth straight month that home sales have fallen -- the longest streak since at least 1999, when NAR starting tracking the data.
Those who have been watching and waiting for the right time to buy a new home may be wondering if conditions are set to improve any time soon, or if it is a better strategy to wait a little longer. Let's take a closer look.
The National Association of Realtors' monthly report included some data which suggests that now is still not a great time to buy a home -- for a few reasons. One, inventory is still tight. It dropped in October by about 1% both month over month and year over year. That means that with still-reducing supply, homes are getting more offers from the buyers that are out there, which results in the price being bid up from the asking price. The NAR survey said that 24% of the homes that sold in October received more than the asking price.
Source Fool.com
