If you are like most people, the news you hear about real estate can be very confusing. On one hand, real estate has been one of the hardest hit sectors of the economy, and much of the news still reflects this. On the other hand, there are some reports about real estate being one of the most positive indicators of an economic recovery.
Here are some of the most recent developments you need to know:
- Homebuilder Confidence is rising. According to the National Association of Homebuilders, it’s the highest it has been since before the foreclosure crisis began in 2007. This is important because it means that professionals are optimistic about the housing market again. Now, because of how long it takes for homebuilders to ramp up their businesses, it will still be a while before we see a ton of new homes built, but this is definitely a positive sign.
- Housing starts have increased — 535,000 Single Family Homes were started in August. This is still lower than we need however, there is not enough inventory to cover the demand (especially with historically low interest rates). Existing home sales have also skyrocketed according to the National Association of Realtors. In fact they have gone up almost 10% since this time last year. If you are looking to buy a new home, this is quite possibly the most affordable time in history to buy a home.
- Underwater properties are still a large part of the market. In fact according to the NAR, more than one in five of all home sales is a property that is either behind on their payments or in the foreclosure process. The good news is that this market offers an opportunity for just about everyone. If you are underwater or in danger of losing your home to foreclosure then there have never been more opportunities than there are in today’s market to sell your home and find a dignified solution.
I would love to discuss how today’s market fits your needs. Please feel free to contact me for a free confidential consultation!