Stretch Your Dollar

Stretch Your Dollar: Tips for prospective home buyers

(WTNH)-- Experts say now is the time to sell a house. It's a sellers' market and homes are going faster than ever. That's why we are stretching your dollar with tips for prospective buyers.

Buying and selling is probably the last thing you want to think about during the busy holiday season but you may find your dollar will stretch further if you act now.

Three weeks. That's how long the National Association of Realtors says it takes to sell a house on average. In some markets, it's even faster.

Five years ago, the median time it took for a home to sell was 11 weeks. You can thank a low housing supply for the hot market.

Typically, the National Association of Realtors says about 1.2 million new homes hit the market every year. But this year, only 800,000 have been built, so far.

The National Association of Realtors says for the past decade, the building of new homes has slowed. The low supply is pushing demand and prices higher.

If you want to buy, know your budget. Have a loan pre-approval letter. And be ready to tour listings.You may have to act fast in case someone else has an eye on your dream home.

If you're looking to sell, use the holidays as an opportunity to put your personal pictures away and replace them with cozy decorations that will appeal to buyers.


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