Top Reasons to be Thankful for Today’s Real Estate Market
Top Reasons to be Thankful for Today’s Real Estate Market
It is no secret that over the past few years Americans have dealt with their fair share of hardships and tribulations. With a floundering economy, high unemployment rates, and a mortgage crisis that seemed inescapable, many Americans have experienced difficulty. However, with a vastly improving real estate market, there are many benefits to reap not only for realtors, but also for the economy as a whole, as housing recoveries typically coincide with broader economic recoveries. A rebounding real estate market has several positive side effects that will provide real estate agents, home buyers, and the economy plenty of reasons to be thankful this Thanksgiving!
Home prices and sales are on the rise! The market is continuing to take steps back toward normalcy.
Shadow inventory (distressed properties that aren’t listed for sale but will be, i.e. homes that borrowers are delinquent on or already in foreclosure, or that banks have already repossessed) is shrinking. A smaller shadow inventory means there are fewer distressed properties poised to come on the market, a positive for home prices.
Foreclosures are up. This helps the housing market in the long run because it enables banks to get through the backlog and eventually move on. Foreclosures also create low priced homes that many buyers can take advantage of.
Low interest Rates! Today’s buyers have some of the best pricing and interest rates that the housing market has ever seen!
Inventory levels are down which creates a higher demand and more stable prices in the market.
The number of new home sales is rising. In fact, construction of new homes is up 15 percent. Increasing new home sales has caused the construction industry to grow, which has created new jobs and reduced the unemployment rate.
The housing market’s demand and supply are reaching numbers that are closer to normal, meaning, more stable prices!
Modest prices and competition in the market make it a good time to buy a home because both agents and buyers have to compete with multiple offers.
There is greater interest among potential home buyers as employment and consumer confidence slowly improve in a growing number of markets.
Home sales are expected to continue to rise 2-5% every year according to Freddie Mac’s U.S. Economic and Housing Outlook Survey, which will be accompanied by a more stable economy and greater income potential for real estate agents.
New policies for mortgage companies prevent home buyers from purchasing a home they cannot afford; thus, avoiding a relapse of another housing crisis.
Borrowers are building more equity in their homes through refinancing to either pay down their debt and reduce loans or pay higher monthly payments to pay down the principal quicker, another positive indication of the future of the housing market that benefits mortgage companies, banks, homeowners, and the economy.
With such positive indicators that the real estate market is on an upward climb, the future of the industry and the economy looks bright. While many Americans have withstood difficult times over the years, the climbing market offers a glimmer of hope for our housing market, our economy, and our country that provide plenty of reasons to give thanks this Thanksgiving!
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