Uncategorized May 24, 2013

National Confidence Ratings for Real Estate Market Trends

The following link shows Realtor Agent feedback, input and confidence in various aspects of the real estate market across the country. Local agents are polled on these various questions and aspects and then these answers, from approximately 50,000 agents are compiled to create these statistics and predictions. It's quite detailed and lengthy so here's some summary points:

1. Most areas of the country are seeing a strong rebound in sales and varying degrees of rebounds in prices, depending on locations, proprety types and price ranges. 

2. Confidence is high that the rebound will continue in most areas

3. Housing inventory is shrinking to near harmful amounts in many parts of the country, especailly along the west coast. 

4. Sales are up, even with the shrinking inventory and overall home ownership rates declining. There's some interesting dialogue on this last point towards the end of the article.

5. Builders are confident but still behind the market for building homes to meet demand.

6. Relocation accounts for 10-14% of sales and international sales, buyers living out of the country account for appx. 3% of sales. Investors are buying more of the foreclosure homes; some to hold and rent, others to flip. Rental rates are continuing to rise but to varying degrees across the country and price ranges. 3-5% are the general ranges for rental rate rises.