With the collapse of the housing market still painfully fresh in the minds of the majority of Americans, news that the market is improving and that it’s changed may be received with a bit of skepticism. However, according to an article on MSN.com, there are at least eight significant ways that the real estate market has changed.
According to this article, the real estate market is now in full recovery in the majority of regions across the nation. It seems that the growth of the housing market is taking place parallel to its evolution.
In many ways, the housing market does not resemble the market of just a year ago … or six months ago, for that matter.
Rise in value and cost
In reference to value and cost, prices have risen across the board, but the increase has been marginal at best. In conjunction with lower interest rates, the increasing economy has seen a boost in buyer demand, which is normally associated with a corresponding increase in price.
The report by MSN revealed that the national median home price increased to $180,600 in November of 2013 — a 10.1 percent increase over the price listings during the same period a year before.
An article published mid-2013 by Forbes.com has proven to be prophetic. The piece predicted that the market would continue to improve, and despite the skepticism of some, the market was not simply another re-inflating bubble but functioning through sustainable momentum.
This means that the market is experiencing genuine and sustainable growth. With better lending practices in place, along with more reasonable property valuations, things are looking up.
The role of agents and brokers
There are many occasions when the role of real estate brokers and agents can be underestimated and their character vilified. But the truth is that brokers and agents play a major role in placing sellers and buyers in the most optimum position to execute the sale or purchase of a home effectively — an event that will have lasting repercussions.
Brokers such as Mike McCann in the Philadelphia area work extremely hard to find homes that are the right fit for their clients, both practically and financially. Playing an integral role in the buying and selling process, brokers and agents are a vital aspect of the continued growth and improvement of the real estate market.
The final report card
According to the monthly Housing Scorecard produced by U.S. Department of Housing and Urban Development, homeowner equity is continuing to grow, new home purchases have continued to increase, and prices are beginning to stabilize.
Clear Capital is predicting that the pricing will rise only about 2.1 percent this year. This is good news for home buyers, especially those in Western markets, where prices have surged recently.
Even in areas where there have been substantial struggles historically, the nation is beginning to experience a turnaround. Issues such as foreclosure are being addressed by mitigation programs, many of which were deployed by the government.
These signs are indicative of a sustained recovery that should give hopeful homeowners the confidence to step out on the market.