Recent reportings of the improvement in the housing market have been in the headlines of real estate and mainstream news articles nationwide. These reportings of the housing market improving has let many of us down over the years, but there are results shown as of late that show some improvement in the market.
Average listing prices show an increase
The average listing price for homes has increased, sales are showing improvements, and there less homes to buy and more competition in the real estate market. Many real estate agents are sharing their successes of closing multiple bidding wars with offers above what the sellers wanted for the properties. There has even been cases in which real estate agents are closing sales on homes before the home it is even listed on the market.
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Although there are obvious signs of recovery, as seen in past instances, there may be a decrease in the rate at which this improvement continues. As a result, you may notice the price of homes to decrease once again.
The truth is that there are still millions of individuals who can’t keep up with their mortgages. Many will have to pay back more than what their home is really worth and can’t sell the home for relief. The millions of homeowners who are still dealing with foreclosures may be the answer for the increase in home prices.
There are some real estate agents that believe that the real estate market is showing signs of improvement and will continue to recover. According to a representative of a home development company in Miami, the firm’s orders for new homes has increased 40% compared to the previous year and that they seen an increase in profits this quarter.
The proof is in the data provided by research firms which note that the sales prices for homes increased for the first time in 2012 in April and that there have been signs of growth in home construction as well.
The National Association of Realtors have noted that the amount of homes sales impending has reached their highest since September of 2010.
This is the fourth year that the real estate market has shown consistent signs of improvement with the same outcome of the price of homes decreases drastically later in the year. Every year there is growth which fuels the dream of a full recovery which seems more practical as of late.
More buyers entering the market
The increase in the amount of potential buyers can be attributed to the prices of homes decreasing while the economy continues to improve. The outcome is that the nation’s population continues to grow while the amount of homes constructed continues to decline.
Some fundamental signs of a thriving market such as balanced levels on the scale of housing prices compared to income. A professor at USC shares his belief that as renting prices continue to increase and mortgage rates declining, it seems like the smart idea for renters looking to own to become homebuyers.
To sum it all up, there is more competition in the housing market. With less homes on the market, the increase in homes being sold for more than the listing price, and the increases in the amount of home sales this year, the proof is evident. Real estate agents are selling out of their inventory and are in search of new listings right now.
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