How Far Are We From A Full Market Recovery?
In recent months, the economy has begun to look like its old self again. Unemployment is decreasing, rates of return are rising, and Americans are beginning to feel the benefits. Yet the housing market, so deeply impacted by the economic downturn of 2008, has had a long way to build in the last six years. There is good news on the horizon, though.
A recent survey from Zillow, the real estate data firm, discovered that the majority of real estate experts who responded believe that the housing market will make a full recovery in five years or less. While 40 percent of these experts say it will likely take three to five years for normalization in the market, 30 percent say it will only take a year or two, and a bold 20 percent say we have already recovered or will in the next year.
With young Americans opting to wait to make long-term decisions like getting married and buying homes, the number of buyers on the market is increasing very gradually. Additionally, as aging Americans decide to stay in their homes longer, there are fewer houses on the market. However, with millions of renters approaching home buying ages and better jobs offering higher wages, the economy’s growth is sure to continue development in the real estate market.
So what are we waiting for? Time, experts say. As the economy continues its upswing, the housing market will continue to stabilize.
If you would like to know more about the current state of the housing market, seek the counsel of The Barr Team in Irvine. Our highly experienced team has spent thirty years in the market, learning its ins and outs to pass on to you. With the industry experience and testimonials to back us, you can feel confident contacting The Barr Team for all of your Southern California real estate needs.