At last, some good news to share! It appears that a multitude of economic factors have successfully come together to finally give rise to an optimistic view of the future of the real estate market and to put a glimmer of a smile on the faces of those selling Virginia Beach VA homes.
“Conditions are coming together to encourage people to want to buy homes,” says Doug Duncan, vice president and chief economist of Fannie Mae. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”
Duncan based his remarks on the results of Fannie Mae’s March 2012 consumer attitudinal National Housing Survey which found that because of a rise in key economic indicators, potential buyers are less hesitant to enter the real estate market and purchase a Virginia Beach VA home. In addition, confidence in consumers’ views of their own finances is stabilizing; for three straight months 44 percent have believed their personal finances will get better over the next year. These trends may be providing Americans with an increased sense of urgency to buy a home, since 73 percent of Americans now believe it is a good time to buy a home, up from seventy percent in February.
Remarkably low mortgage rates are making houses more affordable than they have been in decades, the unemployment rate is slowly dropping, and steadily rising rental rates encourage both renters and potential buyers to seriously consider purchasing a Virginia Beach VA home as a residence or as an investment. As Lawrence Yun, chief economist of the National Association of Realtors, states, “The recovery is happening, though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases. Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices, and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.”
Recovery, encouragement, confidence—words you may not have heard for a while. Are you smiling yet?
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April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avoid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.
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