Sustainable housing recovery predicted to continue into 2013
Posted on Thursday, September 13, 2012 at 8:18:03 PM
With the third quarter of 2012 coming to a close, many housing experts are beginning to look toward winter and 2013 to determine if the steady recovery seen during the past year will continue.
"The fundamental question about the real estate market has been: will it last?" said Redfin CEO Glenn Kelman. "The market isn't booming, but it's building steadily in ways that have surprised many economists. In the past few weeks, we got the first signal that the winter will be relatively strong, which in turn bodes very well for 2013."
According to Redfin, the technology-powered real estate broker, customer signing offers fell 4 percent in August - not nearly the decrease (10 percent) seen during that time frame last year. The number of potential homebuyers requesting home tours was down 6 percent during August 2012 and during the same month in 2011. However, market experts claim that as summer comes to a close, home buying volumes typically lag and these figures are not cause for concern. In fact, many potential property buyers may find now a strong time to buy as home sellers see fewer people come through their door at open houses. Residential financing options are as strong as ever, and there is the opportunity to find a new home for an affordable price.