The Changing Real Estate Market

Here are some of the most important recent developments you need to know:

• Home builder Confidence is rising – According to the National Association of Home Builders, 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 home builders 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 – 535k Single Family Homes were started in August. This is still lower than we need, however, and 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.
• Underwater properties are still a large part of the market – In fact, according to NAR, more than 1 in 5 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. If you are looking to buy a new home, this is quite possibly the most affordable time in history to buy a home.

I would love to discuss how todays’ market fits your needs. Feel free to contact me for a free confidential consultation!