News of housing restoration have become a wrongheaded rite of summer, after years of false hopes in the market, evidence shows that enthusiasts may finally be on track.
The housing market is starting to turn for the better. Prices are climbing. Sales are Increasing. Home buliders are framing, and clearing lots to build.
Joe Niece, a real estate agent out of Eden Prairie (a suburb in Minneapolis), said he recently concluded a streak of 13 consecutive bidding battles over homes that his clients wanted to buy. All of which sold above the asking price.
Niece said, “I just had a home that wasn’t supposed to go on the market for two weeks sold before it even went on the market.” “It’s definitely a lot different than what we saw during the last few summers.”
Although the pace of recovery will most likely slow. It’s probable the prices of many homes will continue to decline.
Millions of people remain in debt, owing more on there homes that the house is worth and unable to sell. Many families are facing forclosure. Economic recovery is still fragile, and could easily reverse the upstick in housing prices.
About six years after the housing market began its longest and deepest slide since The Great Depression, a growing number of experts and people who have put money into housing believe that the end is here.
Ronnie Morgan, a San Diego real estate professional said, “Our sense is that the market is recovering, and we’re extremely confident that it’s not going to get worse.” Ronnie recently created a $10 million partnership to purchase foreclosed homes. Alagra Real Estate funds, has already bought about 20 homes in suburban areas, most of which are planned to be held as rentals.
Information in this article was pulled form the New York Times website, read full article at: