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Moving up in 2013?

Posted by Scott Van Voorhis January 2, 2013 06:36 AM

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With home sales and prices on the rise, what are your plans for the coming year?

Are you going to buy, sell or simply stay put?

Redfin predicts 2013 will be the "year of the move-up buyer."

Why? The number of buyers who are selling homes doubled over the course of 2012, from a measly 8 percent to 16 percent, Redfin recently reported in its fourth-quarter market survey.

Meanwhile, after several years of increasing, the proportion of the market made up of first-time buyers actually fell in 2012, from nearly half to 37 percent.

That could mean good things for rock-bottom inventory levels - as move-up buyers jump into the market, they will put their own homes on the block.

As it stands right now, the number of home on the market - and choices for buyers - has been on a steadily decline for more than a year now.

Homes on the market plunged nearly 26 percent in November, to 5.7 months of supply, compared to 9.2 months last year, the Massachusetts Association of Realtors recently reported.

And while I am no fan of rising home prices - especially here in overpriced Greater Boston - every percentage increase means fewer underwater homeowners.

For every five percent increase in home prices, another 2 million underwater homeowners are freed from the negative equity trap, according to CoreLogic.

And that, in turn, gives more homeowners the option of selling instead of simply hanging on.

I want to hear your plans for the coming year. Jump in on the comment board or simply email me at sbvanvoorhis@hotmail.com.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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