Harvard University: Housing Market Could Seriously Improve This Year
Harvard University’s Joint Center for Housing Studies just released its annual State of the Nation’s Housing report for 2012 and it shows that home sales could seriously improve this year. What’s been holding back the housing recovery? Lack of job growth and a surplus of distressed properties on the market. Without the promise or assurance of a stable job, young people are living at home with their parents longer and not setting out into the world to start their own households.
What’s going to spur change? Oddly, renters. Rental rates have skyrocketed in the past few years, but mortgage rates have become much more affordable. Harvard predicts that when renters realize they are losing money by renting, they will start buying instead and improve the current housing market.
After you check out the 2012 State of the Nation’s Housing Report, we’d love to hear what you think. Leave us a comment below!
If you’re thinking of buying or selling in the greater Wilmington market, give us a call at 910.202.2546. We’d love to answer any questions or address any concerns you may have about the process. Want to talk to a lender to see if now is the right time for YOU to buy? We've worked with some great ones and are happy to refer you to someone who will be reliable and professional.