Posts Tagged ‘forecast’
Housing Tidbits from President of the NAR
Charles McMillan, president of the National Association of Realtors, spoke in Ft. Worth, TX and reported to attendee’s that ”The dream of homeownership is alive and well in the US.”
Mr. McMillan began his real estate career in Ft. Worth, TX in 1983, one year after the Texas real estate market crashed in 1982. Although McMillan did not address it, Texas home prices have not recovered to pre-1982 levels over the past 27 years.
Highlights from the speech include:
- Consumers will buy houses if two conditions are met. The home and financing costs must be at a bargain, basement price levels.
- Keeping interest rates low and stable are necessary to stabilize the housing market.
- The tax credit is working. 43 percent of all property sales have been first-time buyers.
- Thanks to distressed property price declines of up to 52 percent, sales of existing home inventory has increased in CA, NV, AZ and FL.
- The two biggest issues facing the real estate industry going forward are appraisal issues and healthcare. Half of all real estate agents have no insurance.
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Best Advice for Emerging Trends in Real Estate
The housing market and US economy is extremely scary this Halloween. Many of us feel as if we have been buried alive. But, just like the zombies on a late night horror flick, real estate investor’s will raise from the dead and roam the earth again.
The market forecaster’s predict that the market will hit bottom in 2009, and will fight to survive through much of 2010.
During this period, we will experience further drops in property values, as foreclosures and deliquencies continue. Job loss and the faltering US economy will continue to pinch property cash flows and hamper an active lending environment, .
So, what signs of life will investors see before exhumation begins? Which opportunities are lurking, just below the surface, that the prudent should take advantage of?
- The gruesome death of US real estate market has a beneficiary. The cash rich, foreign buyer. These well-healed investors will take advantage of a weak dollar, focusing on “trophy” properties located in major, active cities with plentiful employment and quality of life.
- The first area’s of the country to show signs of recovery will be the “cities that never sleep”, located in coastal area’s.
- Multi-family and higher density properties with retail shopping will be the focus for future developers.
- Other developer’s will focus building in area’s with neighborhood retail centers with big box grocery and chain drug store anchors.
- Apartment building investments may pay off now. Look for mid-range property near transit in high density locations. Vacancy rates are very low, and will remain so, as people cut living expenses.
- Distressed condo’s located in urban area’s near transit bode watching.
- GREEN is GOOD. Cutting energy expenses will be a priority for investors and buyers, alike.
- Residential building lots will get a cheaper, as builders dump options and inventory. Spelling profit potetianal for the patient.
- Commericial will show signs of life, before residential.
The world is indeed a dark, scary place at the moment. But, rest assured, the sun will come up. And, while we have no quick way to stop the bleeding, the ones of us who survive the slaughter may grow fat on the plentiful carnage. To the mindful, patient go the spoils.
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