Great article from Prudential Fox & Roach Realtors CEO, Larry Flick http://blog.prufoxroach.com/2012/10/26/fall-winter-2012-chairmans-report-its-real-its-now/
It’s Real…It’s Now!
It’s real. Our real estate market has definitely turned the corner. Year over year pended sales have been ahead each month since April 2011, and home prices leveled out at the end of that year as well.
Data aside, the activity we’ve seen in 2012 shows that the pent-up housing demand from those five challenging years is now being unleashed. As we move forward, I believe our economy and real estate market will continue to grow at a slow and steady pace. Why?
- Over the past five years, many potential buyers experienced life events, both good and bad, that would have prompted them to buy a new home. They held off because they were concerned about the economy and how it might affect their employment or future earnings. Now, homebuyers are overcoming these hesitations, gaining confidence, and deciding it’s time to find the house that meets their present needs.
- Consumers are now confident that prices have stabilized.
- Interest rates are unbelievably low, and will rise as the economy improves.