The continuing surplus of homes for sale across the country means that it will continue to be a buyer’s market for a while. Buyer’s will not only have greater choices but also enjoy better negotiating power. According to a survey by the Wall Street Journal, the number of vacant properties on the market increased significantly across all areas through 2006.

Home prices vary from region to region depending on local factors. For example, the depressed auto related job market in Detroit has caused a slump in the real estate market while the lack of additional land in places like Manhattan have resulted in the home market remaining steady.

Sellers can take some comfort from the fact that low mortgage interest rates will mean more people with good credit will be able to afford loans. However, many lenders have become more cautious while approving loans and are beginning to insist on in come proofs. This will push many buyers off the market and lead to a further slump. Some builders may try to offload houses by further slashing rates and offering incentives to home buyers like kitchen upgrades.

Home prices vary from region to region depending on local factors. This can be illustrated by the fact that the depressed auto related job market in Detroit has caused a slump in the real estate market while the lack of additional land in places like Manhattan have resulted in the home market remaining steady.

Another factor in the housing glut is the mushrooming of condominiums over the past few years. In places like Miami, there are enough vacant condos to see the market through for a couple of years.

About the writer: Nigel Kerry is an American free lance
writer born in Los Angeles, California. Kerry writes about
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