Well, this is my first on hopefully many real estate blogs. I've lived and survived through the most destructive housing market in American history. It has made me a better Realtor and business owner.
While planning for the future, my first thoughts are look to the past. Real estate experts always say "we don't have a crystal ball" and 'real estate is local". Both are true. But, I think if you look back a few years, we can give some reasonable outlook in to the future.
So, here's my take...The past couple years have been filled with starts and stops. For example, in one quarter of a year it's very active with buyers and sellers making things happen. The the next quarter everyone disappears. I makes no sense.
I think 2015 should be the same as 2014. I don't see the housing breaking out from the start/stop mentality of the past. We currently have historically low mortgage rates but that doesn't seem to motivate large groups of buyers. There might be some gun shy-ness (if that's a word) for buyers because they saw the drop in home values and could be afraid to buy and live that again. More first time buyers are staying out of the housing market because it's too much of a commitment and lending restrictions were a hindrance. Even though home values have risen recently, sellers don't seem to be in a huge hurry to move up either. It's predicted that the FED will eventually raise interest rates which will affect all lending. Accordingly, mortgage rates are expected to rise too. Will that affect buyers? With the potential of rates rising, I hope more buyers get in while it's still historically cheap money.
So what's the answer? One thing is for sure, I can't change the market. But, as Realtors, we need to be more proactive and informative. We need to become teachers and cheerleaders!
So, that's it. One down.