The coming year of 2013 is looking to be ever so strong in terms
of the Real Estate market and the overall direction it is headed
in. There are statistics that support the fact that the beginning
of 2012 saw housing prices hit their rock bottom point. As we have
frequently discussed throughout the year, however, is that this
unfortunate occurrence certainly is no longer the case due to the
strong turnaround that the market has experienced thereafter.
The difference between the state of the Real Estate industry at
2012s beginning until now is one simple fact about buyers; there is
now a widespread sense of urgency within them. This urgency to be
active in the market has come about for a variety of reasons but it
goes without saying that the most obvious one is that there is a
renewed sense of confidence in the market that has not been the
case for quite some time. Not since 2006 have prices ended the
previous year in positive territory and this year we are about to
reverse that trend and that truly is a wonderful realization.
James Dimon, the Chief Executive of J.P. Morgan Chase mentioned
how Every single thing about housing is flashing green. Homeowner
vacancy rates are also very low compared to times from recent
memory. In fact, this Fall saw the numbers plunge to 1.9% and this
was near the long-run average that is pegged at 1.6% which is also
down from the peak of 3% seen back in 2008; this all according to
Goldman Sachs. All of these numbers are coupled with the fact that
rents are rising which is also encouraging more individuals to look
into buying property, especially given that interest and mortgage
rates are drastically low. It has been an incredible year for Real
Estate over the past twelve months and astonishingly enough 2013
looks to be just as impressive, if not even more so.
More Information: Wall Street
Journal