Is Housing Ready to Wake Up?

 In 2011, the Housing market has been on a sideway path. Neither faltering or rising abiove toe faulted market that took over after losses following 2007.

 The market seems prone to grow out of its current rut.

Several metropolitan areas where home prices have stabilized and foreclosures decreased, analysts are citing numerous data in support of their statements. With the exception of really hard-hit markets, the vast majority is ready to turn around.

On a National level, More broadly, 40 percent of all states showed existing home sale increases on both a quarterly and annual basis in the third quarter, according to National Association of Realtors data. And recent research by the National Association of Realtors (NAR) suggests that there is a considerable, untapped demand for housing that has yet to materialize. The NAR forecasts a 5 percent increase in existing-home sales for 2012 and 2013, with a 2 percent price increase in those years and a 4 percent increase in 2014. For its part, the NAHB is forecasting a 5.1 percent increase for new-home sales in 2012 and a 10 percent increase in new-home starts for the year.

And even with the improved sales and job statistics, foreclosures remain the ominous threat lurking around the corner. Though foreclosures are down substantially year-over-year in some states (55 percent in Florida, 31 percent in California almost 27 percent nationwide), the decline is due more to slowdowns following 2010?s robo signing scandal than decreased inventory. There are still untold properties that are either REO or in the foreclosure process, and they pose a problem for any future stability in housing.

Probably the biggest factor, though, dealt with longevity. No longer are homebuyers purchasing a property with the intent to sell. Now, with prices stagnant and selling a sometime difficult proposition, homes are seen as a long-term investment, and the experts think that real estate professionals should bear that in mind for 2012.

Buyers want a  to have a great location, or buyers won’t even consider it. They want transportation, retail conveniences and good schools or the home is off their list,” Benach said. “Today, buyers who don’t even have kids want to be near good schools. And the days of buyers willing to accept a long commute to work or the grocery store are over. Buyers want to run out for ice cream and still have it be frozen when they get home.

When you are ready to find that perfect home in a good location, Call me, I would love to help!