According to all of the headlines, existing home sales are down across the country. Way down. Check out this sampling:
- Sales of Existing Homes Plunge Steeply (NY Times)
- Existing Home Sales Plunge In March (Houston Chronicle)
- Existing Home Sales Plunge, Biggest Retreat In 18 Years (Salt Lake Tribune)
However, it’s important to keep these statistics in perspective.
Nationwide, housing may be showing softness, but real estate is a highly local phenomenon and different local markets across the county may be showing signs of strength.
As one example, New Home Sales posted an increase last month. The biggest difference between Existing Home Sales and New Home Sales is that new homes are purchased from builders.
There are no blanket truths that apply to any real estate market so it’s still important to do your homework when shopping for a new home.
Even as sales fall overall, the buyer is not in the driver’s seat necessarily. A seller with a well-maintained home that is priced fairly will still sell quickly — and maybe that’s something that builders have figured out.