What was so great about 2012?
More than proving the Mayans wrong, 2012 was at least an improvement if not a good or even great year. Many indicators in the real estate market improved, even if it was ever so slightly.
While December was the slowest December of the past three years, 2012 showed a marked improvement in the number of homes sold.
Inventory continues to drop. For months, if not years, we have been saying its a seller’s market, but that may be changing. The older inventory continues to get sold off, and new inventory is not being added at the same rate. As a result there are fewer homes to choose from.
The key to buying and selling in today’s market is to sell and buy at the same point in time. The point is that while your home may not be worth what it was ten years ago, neither is the house you are looking to buy. Another thing to consider is the cost of money. Interest rates continue at all time lows making a home affordable today that might not have been affordable in the past.