Many will say that the housing market plunged the country into the recession several years ago, and the continued down spiral of the market prolonged the recovery. However, lately, you will hear that the real estate market is driving the recovery. Yes that does appear that we are talking out of both sides of our mouths. Remember that things were different 5 years ago than they are now, so yes, both statements can be – and in fact, are – true.
While many aspects of our economy are being cautious with the threatened fiscal cliff, the housing market does not seem to be in the same wait and see pattern.
Home prices rose 3.6% in September over the same period last year and overall for the first nine months or 2012 prices are up 7%. That 7% represents the highest increase since 2005, and puts home prices on track to strongly surpass even the most optimistic predictions for this year.
Home builders and real estate brokers are just some of the people benefiting from this good news. Home owners see values increase which makes them more confident about their finances. Retailers are seeing an increase in purchases directly related to home improvement. Bankers are reporting higher profits due to mortgage loans and refinancing.
Local home buyers are finding the inventory low, choices are few and well-priced homes are selling very quickly. If you are considering selling your home – now is
the time to be speaking your real estateprofessional – and you may find that now is the time to put your home on the market!
Keller Williams ~ Carol Murphy Team