After great feedback from Urban Nesters on our recent E-Blast “Buy Now or Forever Hold Your Peace,” we’ve decided to share info from another article, this time from Forbes Magazine titled “This Spring Could Be The Best Home-Buying Season In Years.”
According to Forbes, economists, Realtors, and financial experts believe “2012 will be the year of the market bottom.” This is good news for buyers as now is the time for a great deal. For sellers, it is also the end of dropping prices. We’ve begun to see this in our own Portland market where well-priced great houses in good condition and in desirable locations are getting multiple offers and going for over asking price.
With the number of offers increasing and demand from buyers on the rise, experts believe housing may be inching toward a long-awaited recovery. Forbeshas put together five factors that have affected what the spring season has brought to the housing market.
Mild Weather Has Pulled Activity Forward
The mild winter weather throughout most of the country has played a role in the strong sales numbers we’ve experienced thus far in 2012. This is evidenced by the fact that home builders stocks are up since last October, lumber prices are higher, and the number of building permits have increased by 34.3%.
Housing Affordability is at Record Highs
As we mentioned in our last blast, mortgage rates have not been this low since World War II. While lending is still a bit tight, the number of qualified applicants is increasing significantly as the economy recovers.
Increased Number of Short Sale and Bank Owned Homes
The uncertainty banks once felt about processing foreclosures is expected to subside. This means that foreclosures that were stuck in the pipeline are finally become available to buyers as short sales and bank-owned properties.
Location, Location, Location
Forbes says the housing bust has forced people to look at real estate on a much more localized level. Each city and neighborhood is experiencing its own “micro market.” Many cities, including Portland, are experiencing high levels of affordability and in many of our local ‘hoods it is now cheaper to buy a home than rent one.
Recovering Job Market
The decrease in unemployment rates across the nation has allowed sellers to feel more confident in their decisions to sell their homes. Here in Portland, according to the Portland Business Journal, the employment situation is improving faster than the rest of Oregon and faster than the nation. This increase in jobs means more homes on the market and more buyers able to qualify for loans.
If you or someone you know is dreaming of home ownership, now is the time to reach out for help! Here at Urban Nest we specialize in turning house dreams into home realities. Give us a call or drop a line and we’ll be happy to help you learn more about your very own real estate opportunities.
Your Team at Urban Nest