Happy New Year! Many real
estate industry watchers and economists agree that the real estate market is
once again a bright spot in the economy as existing home sales continue to
improve.
According to the National
Association of Realtors® (NAR), total existing-home sales
in November rose 5.9% from October, and are 14.5% higher than November 2011
nationally. Additionally, the national median existing-home price for all
housing types in November was up 10.1% from November 2011. This is the ninth
consecutive monthly year-over-year price gain.
One question is still at
the forefront of many minds. Will the housing market continue to improve in
2013? It's not easy to predict what the market will do in the coming year.
However, there are some key indicators to follow and the indicators are
positive.
Most agree that growth in
the housing market is largely based on the stability of the job market. As
reported in Bloomberg,
the U.S. Labor
Department announced that applications for unemployment insurance
payments fell in the week ending December 22, bringing the average over the
past month to the lowest level in more than four years.
Lower mortgage rates and
higher rents continue to bring more buyers into the market. Buyers also want to
take advantage of lower home prices before they rise. Increasingly low levels
of inventory are pushing prices higher as bidding wars and competition
escalate.
For buyers, the message is
clear. If you want to own a home, you should act now. The factors are currently
in your favor. For home sellers, the time to sell could be in your favor as
well. With lower levels of inventory, you face less competition. With prices
steadily rising, you may find yourself in a position to take advantage of
increasing equity.
If you are in the process
of buying or selling a home, lets discuss these factors. I can explain how
pending sales and inventory levels will impact your home buying or selling
goals and success.
I anticipate that 2013 will
continue to bring a revived economy and a growing housing market. I look
forward to welcoming in the New Year and assisting you with all of your real
estate needs in 2013 and beyond.
