Happy New Year!! Hope you all had a safe and enjoyable holiday season ... now get back to work. There are things to accomplish in 2013!
All the information us real estate agents are getting from our sources present with a positive outlook for this year. The trends of increased home sales, higher sale prices and a low inventory of homes for sale. Yes, you read me right....we need homes for sale!! Are you looking to sell yours?!
The 2012 American Dream Survey reported that the "Millennials" (18 to 34 year olds), will be influenced by the housing market crash in the short term, but for the long run, all young renters want the American dream, to purchase their own home. Of those surveyed, 72 percent said being a homeowner is part of their personal dream. Among renters in that same age group, 93 percent plan to purchase a home in the future. The general consensus amongst economists is the cost of renting will increase in 2013. This may push renters into buying due to the low mortgage rates. With these potential home buyers soon to be flooding the market, the current buyer's market may swing to a seller's market.
Another interesting statistics that may benefit current homeowners looking to sell is the rising cost of construction materials such as concrete, copper, etc. There will always be new homes being built but that has definitely slowed down these past years. Fewer homes being built relates to more demand for the current homes. Many of the smaller builders have been forced to get out of the business leaving only major, national builders and a few stable local builders. Why buy new when buying a "pre-owned" home may be a better deal?
Lastly, it is expected to be a substantial fewer amount of foreclosures on the market and especialy the "bargain foreclosures" that investors desire. The value of a "typical" seller should rise and be considered a plus in the housing market. No banks to deal with and potentially a quick sale. The past few years cheap and underpriced foreclosed homes damaged the home values. Ridding the market of these homes should only improve the traditional home values.
Nobody can predict the future (ask the Mayans) but the trends are showing a good turn for home sellers. I would enjoy chatting with any homeowner or buyer while providing any information regarding real estate. Visit my personal website for any of my contact information, buying/selling education and help searching for homes: www.DavidNelsonSellsHomes.com or Click HERE for a FREE market snapshot sent to your email address.