There’s a new horizon with the housing sector and both buyers and sellers are taking advantage of their good fortune. What has led to the resurgence from home buyers and the actuality they are now putting pen to paper and buying homes? Will this increased interest continue? With fewer properties on the market and more consumers shifting from prospects to buyers, homeownership is on the rebound.. With an economy getting healthy, the obvious progression should be a housing market gaining strength with fewer bumps in the road than in years past.
Everything is not rosy though and we can’t overlook the fact a quarter of current homeowners are underwater and many of those properties will be foreclosed on, or sold short of full payment. Banks will soon start releasing a backlog of foreclosure properties they have held off the market. These disturbing points can’t be discounted as we move forward. With each negative, we can find a positive. With the surplus of bank-owned properties soon to be released, this creates an ample supply of homes for buyers to choose from.
Housing prices and mortgage rates have fallen so far the monthly cost of owning is now more affordable than at any point in the last 15 years and is less expensive than renting in a growing number of communities. First-time buyers and investors have taken advantage of the reduced prices and families that sold their property through the short sale process not long ago are now drifting back to the market. This demand will enhance our chances for an accelerated recovery. Pending home sales are up and is a leading indicator of the direction our economy is heading. Real estate experts agree price fluctuations of 3% or less generally indicate that a market is stabilizing. If a region hovers within that range for several quarters, it’s safe to say that market has found it’s bottom.
Housing prices in Davis, California has experienced less than a 2% fluctuation over the last three years. There’s too much conflicting evidence to say we are completely out of hot water, but most signs are suggesting we are slowly climbing out of the market downturn that has plagued most of the country for the last 5 years. By their recent activity, home buyers are implying complete recovery will be sooner than later. Interest in homeownership is definitely on the rebound. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks on Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.