Though the real estate market has improved, we still have one item holding it back from a full recovery – a robust supply of homes for sale. Demand has
increased dramatically. At the same time, housing inventory
is decreasing especially at the lower price points.
The
National Association of Realtors (NAR) recently revealed that there is a
pent-up seller demand caused by the uncertainty created by the housing crisis of the last decade.
What does that mean to you?
Houses listed today sell quickly. With prices still
below peak values of 2007 in many parts of the country and mortgage interest
rates at historic lows, this may be the perfect time for your family to make the move to the dream house you always wanted – whether that’s a larger home or that vacation/retirement home you have been looking at.
What does that mean to the economy?
Housing has always been an essential part of the U.S. economy. As we have
reported before, real estate not only provides housing for families. It is often the greatest source of wealth and savings for many. The recent increase in real estate sales has led to an increase in real estate prices. This has increased the value of everyone’s' home, whether they are selling or not. This leads to an increase in consumer confidence which in turn leads to an increase in consumer spending. Plus, each home sale automatically puts money into the economy.
NAR compiled data from research conducted by the
Bureau of Economic Analysis & Macroeconomic Advisors on the economic impact of a home purchase.
After reviewing the
data, they concluded that the total economic impact of a typical home sale in the United States is an astonishing
$52,205.
The more homes that sell, the better the economy.
Bottom Line
In order for the U.S. economy to get better, we need to sell more homes. Perhaps, it makes sense for one of those homes to be yours.
If you have considered selling but are still a little nervous, now might be the time to contact me and discuss your market to see what your options truly are.
In a speech delivered earlier this year, Secretary for HUD Julián Castro, called 2015 “A Year of Housing Opportunity”. A recent report by The National Association of Realtors (NAR) revealed that investment home sales decreased 7.4% in 2014 to an estimated 1.02 million.
The median investment-home sales price dropped 3.8% to $125,000, from $130,000 in 2013.
The