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Looking to Downsize? Now May Be the Time.
By Carole Fleck, March 22, 2013 11:27 AM
If you're looking to downsize or move closer to your grandchildren, now may be the time.
More people are buying existing homes and inventory is dropping. So as the spring selling season gets underway, and there are fewer homes to choose from, it's a good time to put your house on the market.
Home sales were up nearly 1 percent in February but 10 percent over last year, the National Association of Realtors said Thursday. Sales haven't been that robust since November 2009, when a federal tax credit spurred home sales.
Inventory has been tightening because construction levels are still low. Also, homeowners are waiting to sell until they have more positive equity, USA Today quoted Jed Kolko, economist for website Trulia, as saying.
The improving market, after a miserable five years or more, is yet another sign the economic recovery is gaining steam. Jobs growth is also picking up.
Total listed sales inventory was 19 percent below a year ago, the NAR said.
Interest rates are climbing but they're still low, an average 3.82 percent for a 30-year-fixed rate loan, the Mortgage Bankers Association said Wednesday.
Photo credit: Diana Parkhouse via flickr.com