Looking to Buy or Sell Homes? Economists have Good News for You!
For the last few years, the news in the housing market has often been gloomy, but the tide is finally beginning to turn for buyers and sellers! The Pulsenomics LLC survey of 100 economists points to modest gains in home prices starting in 2013 — and those gains will continue through 2016!
Improving Real Estate Market
While some prices are still slated to drop in 2012, those losses will likely mark the bottom of the trough. The tumultuous times in the real estate industry are, according to most economists, behind us.
Those tough times have left their mark, however. For instance, many former homeowners who have gone through foreclosure will find it difficult to return to homeownership because of the impact on their credit. This could cause overall homeownership rates to fall.
Opportunities for Buyers and Sellers
If you have been waiting for the right moment to sell your home, or buy your first (or fifteenth) home, the stabilization of the market is good news for you:
- Current owners of homes looking to sell can benefit from a larger pool of home buyers.
- Home buyers can look to housing as a good investment again. They may have to contend with a more competitive market and bidding wars on properties though.
If you’d like to know the latest on the market for your home here on the North Fork, We can help. Give us a call today, email us or stop by our office.