For the first time in 7 years, housing will add to the Gross Domestic Product. It is news like this that we are hearing again. Things like, bidding wars, and conversations about there not being enough homes to show buyers are happening again. Investors are finding it difficult to find deals and that is because regular buyers are getting back into the market again. For a long time, buyers have had weakened confidence in the housing sector. Lack of jobs is adding to that fear, but things are changing. Buyers are fed up with living at home with mom and dad, or month after month, writing a check to a landlord. People want to own and not simply rent for the rest of their lives. They crave ownership. Banks are lending again (and at incredibly low rates) and prices are way down. Add this to the so called “shadow inventory” of bank owned properties ready to hit the market and that spells, HUGE BUYER’S MARKET! We should definitely see an increase in homes sales through 2012. I am already seeing the difference in my personal business.
The change is happening right in front of us. But it takes time to turn a ship. Something as large as the housing industry takes time to turn as well. We are seeing signs of the slow, steady turn. Stay tuned, it is about to get fun again!