You read the economic reports from NAR (National Association of Realtors) Cheif Economist Lawrence Yun, you listen to speaches on C-Span from economist like Jim Carr on the U.S. Market & Foreclosure, and you gather your own synopsis of the current housing market status.
Analyst generally consider a six month supply of existing homes to be a healthy balance of supply and demand. More than that indicates that sellers significantly out number buyers, which, puts a downward pressure on prices, thus making it a buyers market.
Yun has said that mortgage interest rates have been at a record low this year while rents have been increasing at faster rates. These factors continue to unleash a pent-up demand.
Mortgage purchases and new constructions are up, however 70% of those mortgage purchases are tied to mortgage refinances. So the picture isn't as bright as it seems initially. The economy is still in a very precarious position.
Our housing market is in a much better place than it has been since 2006. That is no doubt. It could continue to increase to a more normal range if the job market improves. This will allow the opportunity for an increasingly equal supply and demand.
Author:Jeremy Flax Phone: 615-582-0909 Dated: August 29th 2012 Views: 8,434 About Jeremy: ...
View our latest blog posts in your RSS reader. Click here to access.
At Exit Realty of the South, we are committed to providing you with up-to-date information, comprehensive resources and the highest possible level of customer service in order to meet or exceed your real estate goals and objectives. Guided by honesty and integrity as a professional standard throughout the company, we are devoted to your total satisfaction as the benchmark of our success. The recipe for our success is an extensive support team that is second-to-none and passionate real estate professionals who invest numerous hours of continuing education to remain on top of their field.
Above and beyond having the desire, knowledge and ability to manage a real estate transaction, we employ innovative tools and systems that allow us to be most effective and efficient in serving you. From our computers to web-based real estate software and many other innovative techniques, we are driven to stay at the leading edge of technology to better serve you.
Our mission is to provide the highest quality Realtor services. At Exit Realty of the South we strive to provide the most knowledgeable and savvy real estate agents in the market. Whether you are buying or selling, an Exit Realty of the South sales representative has the skills to serve you above the rest.