HOUSING GLUT GIVES BUYERS UPPER HAND
Amid a continuing glut of homes for sale in most of the country, buyers should have plenty of choices and lots of bargaining power in the spring selling season--typically the busiest time of the year. Many builders and real estate brokers, for their part, hope the housing market will start recovering this year as buyers respond to price cuts and other sweeteners offered by increasingly nervous sellers. In some markets, agents say, buyer traffic has picked up in the last month or two. But any recovery is likely to be gradual. Donald Tomnitz, chief executive officer of DR Horton Inc., a home builder, told investors this week that the market, which began slumping in 2005, may bottom out by mid-2007, but that "we don't see any rapid improvement thereafter."
(Source: RealEstateJournal.com)
Diane McLafferty
Associate Broker -ABR, GRI, e-Pro
www.soldonithaca.com
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Warren Real Estate
830 Hanshaw Road
Ithaca, New York 14850
Office: (607) 257-0666 ext. 5243
Diret: (607) 330-5243
Fax: (607) 257-8801
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