The National Association of Realtors recently published an article (Housing Market Readjusting To Normal Balance) that contained good news for home buyers. The housing market is cooling – that means more houses on the market for longer periods of time, which gives the buyer greater selection and more time to choose.
Specifically, existing-home sales are expected to fall 5.7 percent to 6.67 million in 2006 from the record 7.08 million last year. At the same time, new-home sales are forecast to decline 7.7 percent to 1.18 million from a record 1.28 million in 2005. NAR President Thomas M. Stevens from Vienna, Va, offers advice to home buyers, “…buyers may want to choose a buyer’s agent to represent their interests and help them negotiate favorable terms. Today’s market has changed a lot from the conditions we’ve seen during the last five years.”