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With the housing market still in decline, many sellers are wondering when the turnaround will finally come. Fortunately, there are a few signs you can look for that will tell you when things are starting to look up.
While all markets are different, it all boils down to supply and demand. So first, check on supply. Ask a local realtor how many unsold homes are in your neighborhood, or do a quick check on a web site like HousingTracker.net. The fewer homes available in your neighborhood, the better!
What about demand? If jobs and populations are increasing in your community, so is demand for homes. Find out if your local unemployment rate is going up or down. Check local job listings in the newspaper or online at sites like Monster and CareerBuilder.com.
Then look at affordability, measured by seeing whether the average paycheck in your area can support the average house payment in your neighborhood. It’s available for free, for most cities. See the National Association of Realtors’ Housing Affordability Index.
In other words, recognizing a housing turnaround is simple supply and demand. Try researching trends in your market and see if you can predict housing prices where you live. Check mortgage rate trend.