This study and article comes from http://www.themreport.com/ by Scott Morgan and it talks about the projections of the real estate market. Always looking and studying this unique real estate market is challenging, but it is looking strong for 2017.
” The housing market is past recovery and moving on with genuine strength. The future, in fact, looks bright enough for Veros Real Estate Solutions to call that residential market values will continue their overall upward trend over the next 12 months at the same pace they’ve been going, 3.5 percent”
You also can attribute to the very stringent lending policies that are currently in pace. The foreclosures will probably go way down because of that. Buyers that are getting loans today have very good credit. The ones that have dings on their credit usually pay cash for their homes. Either buyer makes this real estate market very strong.
” What’s important to keep in mind is that even the weakest markets, showing depreciation around 1 percent or 2 percent, “won’t perform that poorly,” Fox says. The report’s weakest market is expected to be Atlantic City, with a forecast 2.4 percent depreciation. Similar to the best-performing markets being confined to a small geographic area, this quarter’s report shows 20 of the 25 bottom performing markets are in New Jersey, Connecticut, West Virginia, the Hudson Valley region of New York, and the oil-based economies of Texas and Oklahoma.”
Even in the weakest areas homes are seeing very small decreases. In the Cleveland Market the projected appreciation is over 4% and Phoenix it is over 6% projected appreciation. That is a very steady as she goes equity builder. Knowing the local markets that will benefit the most in this market is the key to buying the best real estate. It may also get you better equity positions.
You have to really dig and read the real estate information available and understand why real estate is selling and not selling in local areas.
” “This type of concentration is a highly unique phenomenon,” Fox said. “In the 13 years that VeroFORECAST has been accurately producing forecasts we have never seen such strong geographic polarization.””
That is why this information is probably correct to use for forecasting the future real estate markets. Call Brett 216-703-5740 Century 21 Premier Properties and 602-363-6551 West USA Realty