Monday Market Update - June 25, 2012
Happy Monday and hope you had a wonderful weekend!
The local market continues to show signs of improvement. The Joint Center for Housing Studies at Harvard University recently released their annual State of the Nation's Housing 2012. The report explains that over the next 2 decades, the echo boomers (those born in the late 70's and early 80's) will drive the housing market recovery starting this year. This generation of echo boomers already outnumbers that of the baby boomers and with housing affordability so enticing right now, it's likely more of this generation will opt for homeownership over renting.
I remain cautiously optimistic about our local real estate recovery. We are definitely seeing the number of sales increase but the short sales and foreclosures have continued their downward pressure on prices. It's still a volatile time and I think we need to see continued improvement for months to come to confirm our recovery. Nonetheless, with prices and interest rates at all time lows, in many cases, home ownership can be less expensive than renting. If you want to explore your options, give us a call - 910.202.2546.