It is a known fact that the housing market has seen better days. With foreclosures and short sales at an all time high, is there a chance the housing market will betterhousingmarketrecover? Ilyce Glink feels the declining real estate market will persist in 2013. Foreclosures will still dominate the market. New foreclosures will continue to dull the market in some areas. In order to help the situation, sellers need to be aware of the pricing of their home. More buyers will be willing to buy if the home is reasonable priced, which will increase sales all together. With short sales and loan modifications increasing, the mortgage relief effort has helped homeowners avoid foreclosure.
Bill Conerly, contributor for Forbes, has an optimistic but cautious view of the housing market in 2013. He feels the housing market will improve but we will not be in the clear. There is a predicted rise in activity but there is an overwhelming amount of vacant housing units. Rental properties have risen by four percent, so more people are starting to rent properties. Building less housing units has been the greatest aid to housing recovery. There is not as much of a demand for housing so not building as many homes will help the housing market to get back to normal. Owning is becoming much cheaper than renting due to the rising amount of renters, so landlords may see a decrease in people wanting to rent.
“After slogging through years of crippling property value declines and foreclosures, the housing market finally gained traction in 2012 as strengthening home prices, better sales, and more construction propelled the sector to be one of the only bright spots in the economy”, claims Meg Handley from U.S. News. Handley agrees with Conerly about the abundance of housing inventory. In order to get the housing market back on track, the supply of homes needs to become closer to the demand.
Nin-Hai Ting makes predictions of what is to come in the real estate market for 2013. Prices have hit bottom in 2012, which means buying will be less affordable in 2013. Sellers are beginning to increase the asking price of their homes. Also, the job market is directly related to the health of the housing market. If there is an increase in jobs in a certain area, it is likely that there are more people in the area willing to buy homes. Record low interest rates have helped the housing market because people can put that money towards their mortgage instead of paying for high interest rates.
It seems most people have hope for the housing market in the coming year. There are indicators of a potential rise in the health of real estate. People involved in the real estate market have agreed supply and demand need to get under control, low interest rates are improving the market and buying is becoming less affordable.
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