Is the real estate market finally going up, or still in trouble?
It depends on what market statistics you are looking at. Is there a real estate recovery, or is this just a small blip in the radar of a longer housing cycle?
For the 7th month, home prices of non-distressed properties have declined, according to Inman News. Not good news for sellers, but awesome news for buyers.
In another report, pending home sales are up in March, an indicator of a real estate recovery, according to the National Association of Realtors. That index is now 111, and 100 or above is considered a healthy real estate market. The index in March 2011 was 89. The index right now is what it was in 2001 before the market started climbing.
But the public appears to be wary of all the discord between the talking heads, and all their doom and gloom. Buyers appear to be finally getting off the fence, taking advantage of super low mortgage interest rates, and house prices not seen in a decade.
What’s different today? Is this just an uptick on the graph that will quickly be pulled down by the shadow inventory and new distressed sales? Are we truly pulling out of the mire of dismay and dismal market we have suffered through since Fall 2008?
From my individual perspective, there is a change in the real estate market that I have not seen in years. Buyers are eager to buy, they are making offers, they are NOT sitting on the fence any longer, and good homes, priced right, especially in the under $200,000 market, are once again selling in just days with multiple offers. The buy versus rent question is clearly leaning towards home purchase once again, especially for first time home buyers.
Buyers need to be fully pre-approved from a licensed mortgage loan officer and ready to make an offer.