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Check for Falling Prices

Check for Falling Prices

When house prices fall you may be able to get an even better deal… but how will you know if prices are likely to decline? First, check for recent foreclosures in the area. If the foreclosure rate is increasing, that means the supply of houses on the market will also increase, putting downward pressure on prices. Then check to see how long the average home stays on the market; if homes tend to be for sale for more than three to four months, that's a sign that the market is slow or that many homes are over-priced (possibly including the home you are interested in.) Then check unemployment rates – if they are up, prices are likely to fall – and look for poorly maintained homes in the area. If that is the case, you should be able to offer less… or you might want to look elsewhere for your next home.

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