The recession that made its mark in 2008 caused a steep downturn in the real estate market, but now an upward shift is resolutely cresting the horizon.
The American Dream
There’s a reason the United States Homestead Acts made use of the word home. People came to American for opportunity and one of the most important to them was the chance to own a home. They didn’t just long for a place to live, but a real home to raise their families and build a legacy. Home ownership remains part of the same dream that has beckoned thousands of people to American shores for hundreds of years.
Supply and Demand
As the economy’s upturn has produced less unemployment and job placement security, banks have begun to loosen their strict mortgage requirements on home buyers. This in turn has quelled investors who weren’t looking for homes, but properties to acquire at a low price with the intent to eventually sell at a profit. Homeowners who lost their homes in foreclosures are beginning to exit the black mark on their credit reports, thus making them viable candidates for new mortgages. Baby boomers can now look at downsizing without facing a huge loss on homes they bought decades ago. Millennials, looking to establish homes of their own, will have property choices instead of having to settle for the few homes not snatched up by investors with the cash means to monopolize the market.
Savvy Buyers and Sellers
Entering the real estate market, whether as a buyer or a seller, can be daunting. The wisest move to make is seeking out an established, reputable real estate agent who truly considers your terms. As has happened in almost all sectors of retail, technology now plays a major role in home buying. For example, buyers living in Maine who plan to move to Texas no longer have to depend on a local agent to make contact. This is because quick search for Texas agents will pop up reputable professionals, such as Don Burns. Buyers also have immediate Internet access to view properties, often with a virtual tour, anywhere in the country. Even if they plan to buy within their current neighborhood, purchasers can- and do- search the Internet for available homes. However, technology doesn’t replace a trusted agent looking out for your best interests. Therefore, the first research to tackle is one to find an agent.
Home ownership remains within grasp for anyone desiring a residence that is more than a place to live. Respectable professionals will help you make sense of the market and provide the tools you need to make a wise home choice. Sellers need also follow the same advice for finding a trusted, qualified professional so they too have a positive selling experience. In all regards, America’s passion for family homes has been preserved and is ready to once again move forward.