Real estate gains indicate recovery is well underway
Posted on Friday, January 18, 2013 at 3:09:19 PM
Immediately following the housing market collapse, the entire real estate industry was left in shambles. However, as the sector gains momentum, home sale transactions and property values increased significantly during the course of 2012.
At the end of last year, home prices were up 7.6 percent from December 2011 and the number of sales rose 3.8 percent on the same basis, according to a report from Re/Max.
"We can finally say that the worst of the housing crisis is now behind us, as 2012 saw dramatic increases in both sales and prices, with home buyers and sellers coming back to the market in numbers we've been anticipating for years," said Re/Max CEO Margaret Kelly.
Many of these gains can be attributed to improving consumer sentiment as well as a growing property supply, according to a survey conducted by JPMorgan Case.
However, analysts from the company warn that consumer demand could seriously outweigh the national property inventory in the coming months, which could make the housing market a much more competitive place.
Prospective buyers should make sure to get preapproved for residential financing from Home Loan Investment Bank, as providing this documentation could help ensure a quick and successful transaction.