The holiday décor is down; neighborhood kids are back in school; January's social calendar looks amazingly clear (compared with the previous two months, anyway)… so, what now?
One suggestion I might offer is to put some serious thought into acting on those financial New Year’s resolutions – at least the ones dealing with your local real estate plans. Doing so would dovetail nicely with my own New Year’s prediction, one I share with many credible real estate watchers: 2013 is the year buyers and sellers are going to really get serious about real estate.
According to Money Magazine on CNN’s website, the housing market rebound is here. Among other sources, they cite the Mortgage Bankers Association forecast that “more and more house hunters will start coming off the sidelines.” They expect total dollars going to new home loans to jump a heart-thumping 55%! That's a reassuring expectation for all of us!
For five years, local homeowners weathered the storm of the credit crisis as well as could be expected; then came marked improvement in 2012. At last count, there were approximately 1.8 million homes for sale nationwide (half the number at the market’s deepest divot). Right now, with inventory low and buyers ready to write offers, that number is sure to rise.
While no one expects real estate prices to see crazy red-hot double-digit increases in 2013, it is encouraging to see the worst in the rear-view mirror. And with optimism about residential real estate now broadening into general public awareness, we seem to be looking at a fresh arena for homeowners who are finally able to consider selling again…and for buyers who are past waiting for "the bottom." With the election and fiscal cliff talks over, people are feeling a little more confident that now is the right time to consider real estate again.
The message to prospective local home buyers and sellers this January echoes the sentiment of Money magazine, which answered the question, “Why, as a prospective home seller or buyer, you need to stop sitting on your hands!"
Whether or not your own New Year’s resolutions involve area real estate, it is finally a good time to consider your options. Start the conversation about your real estate goals and how current 2013 market opportunities fit them! After that, the sky is the limit!