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Real estate prices for existing properties expected to rise

January 21, 2010 - Individuals who are considering purchasing real estate in coming months may want to explore their homebuilding options, as experts expect the values of existing homes will begin to rise.

Fewer homes are slated to be built this year, which could drive residential property prices up, WIBC reports.

In fact, construction of new homes is already on the decline, as recent data from the Commerce Department indicates that home and apartment development projects decreased by 4 percent in December of last year, the Texarkana Gazette reports.

As a result, construction companies who are desperate for business may be more likely to negotiate with prospective homebuyers and enable them to build their dream houses.

Additionally, costs for construction materials are historically low, which could allow these individuals to get more for their money.

This trend may also benefit renters, as they may be able to move into newly constructed apartment complexes for a relatively low cost.

Because vacancies in apartments across the country are at a 30-year high, several landlords are more willing than ever to offer incentives to and negotiate with potential tenants, according to real estate research firm Reis.

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