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Despite the wavering media reports of gloom and doom in the real estate industry, things have not been as bad as they might be in other markets. In fact, last year we sold more houses than we have ever sold to date. When you consider that this was the year after the government’s incentive to first-time homebuyers expired, it gives us even more promise that there are better times ahead.
Steady Improvement in Sales Numbers
Total sales figures for 2010 were lower than those from 2011. At 250 homes sold in 2010, by the time we ended 2011 and had sold 350 homes we knew things were looking up. Slowly but surely our inventory levels are coming back to normal and the more we see that happening, the more we can expect to see stabilization in all other areas of the market as well. Keeping with this tradition, we expect to see growing sales numbers for the coming year as well, quite possibly selling even more homes in 2012 than we did last year.
Interest Rates Continue to Provide Market-Strengthening Avenues
Our days of it being a buyer-controlled market are not over just yet since the Fed has decided to keep our interest rates as low as they have been for so many months now. The historically low rates are allowing countless buyers to get in on the home of their dreams, whether as first-time buyers or by trading up into something bigger and better. With this movement there will be more leveling of inventory, again leading to market recovery and ultimately rising home values.
Easier Times With Mortgage Lenders Ahead
Now that the scandals seem to have passed up, especially since major banks have recently settled with state and federal regulators after the robo-signing fiasco of 2010/2011, we expect it to get easier to borrow money. It will likely never be the same as it was during the infamous real estate boom of the mid-2000s but lenders will ease up on the amount of scrutiny and pinpoint nitpicking we have been seeing a lot of lately.
Stronger Economy Outlook Ahead = Better Housing Market
We have been experiencing a jobs boost here in Cleveland and of course that translates to a stronger real estate market as well. With the expectation of a new casino also to be developed in our area we can expect even further jobs created, lending to more people moving to the area and more homes being sold.
Despite continued distressed sales hitting the market the hope is that banks will unload their foreclosed properties at a reasonable pace, allowing prices to stay level rather than declining too much further.
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As we near the end of this recession and its aftereffects we can continue to underline the positives along the way. This is one of the best times in the history of our real estate market to buy a home and now, more than ever before, homeowners can make owning the home of their dreams a reality.
