As real estate investors, we want to be as informed and knowledgeable as possible. It is important to keep up with current events facing the real estate market by reading articles, magazines, internet sites, talking with people in the industry, etc. One of my personal favorite sites for good up-to-date real estate news is www.money.cnn.com. Click on the Real Estate tab and you will be able to access great news and reports on the real estate market.
I also love statistics and numbers. I like hearing peoples’ opinions and takes on where the market is going, growth expectations, etc. I don’t always believe them and many times they are flat wrong, but it is interesting to know what people and so-called experts are saying.
Here is the National Association of Realtors latest forecast on the real estate market. Interesting to note they believe the market will start turning positive the second half of this year.
NAR: Existing-Home Sales to Level Off
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
Lawrence Yun, NAR chief economist, says the market will come into clearer focus this summer.
“Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,� he says. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.�
By the Region
Here’s what the index reveals across the nation with existing-home sales:
• Northeast: rose 3.2 percent in February to 71.8 but remains 25.4 percent below a year ago.
• Midwest: declined 3.7 percent to 82.7 and is 17.4 percent lower than February 2007.
• South: fell 5.5 percent in February to 85 and is 30.3 percent below a year ago.
• West: dropped 9.8 percent in February to 84.6 and is 17.1 percent below February 2007.
Posted by Carter Brown
I sell homes in Lawrence, KS (near Kansas City) and NAR’s forecast for this area is very upbeat.
Quote from realtor.org article posted May 15, 2008:
“Middle-America cities that performed evenly over the past few years – like Cincinnati, Milwaukee and the Kansas City, Mo., area – are likely to experience home price gains in the 20 to 30 percent range over the next five years, while markets like Miami, Las Vegas and Phoenix could see prices go up as much as 50 percent during that time period, Yun said.”
Tanya Kulaga REALTOR® CRS, ABR, GRI
Realty Executives – Hedges Real Estate
http://www.SearchLawrence.com