Categorized | Residential

Housing Recovery Appears Sustainable

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For the first time in years, economists are starting to believe that the residential real estate market recovery is sustainable. While in the last five years there have been periods during which recovery seemed imminent, all hopes were dashed almost as quickly as they surfaced when the market soon after took a dip.

The residential real estate market this time around, however, seems a bit different. There are no gimmicks giving the market a deceiving quick boost. Rather, the market has gradually improved after hitting what many believe to have been the rock bottom. Inventory levels are down across the country, and sales numbers are on the rise. Sellers across the nation are, for the first time, seeing bidding wars take place on nearly every home.

Consumer confidence, particularly with regard to the residential real estate market, is on the rise. Even with a new wave of foreclosures likely to hit the market in the coming months, economists do not believe the market will stumble. Rather, the recovery will continue.

Aside from shrinking inventories and an increase in consumer confidence, an improving employment rate is also serving as a major factor in promoting housing market growth. As more people are able to sustain jobs and careers, they are more likely to consider buying a home for their family.

The market for new homes is also at its strongest in years. With foreclosures flooding the market over the past five to six years, the idea of building a new home fell by the wayside. It didn’t make financial sense to build. However, as the market grows more sustainable, the number of new homes being built will soar.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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