|
All the signs are there, says
National Association of REALTORS® Chief Economist Lawrence Yun. "More jobs, rising rents, a rising stock
market, and continuing high affordability conditions are combining to get more
people into the market."
In the Residential
Market, the bargains might not be as good this year, but conditions remain
favorable for buyers. NAR predicts a 5
percent increase in home sales this year.
REALTOR® Magazine asked its readers to predict where the best source of business will be in 2012.
These three areas may be good places to focus on in the coming
year:
1.
International
Investors may be a new source of income.
With the debt crises in Greece, Spain, Italy and other countries,
foreign buyers continue to stream steadily into the U.S.
"NAR's 2011 Profile of International Home
Buying Activity shows foreign households
bought $82 billion worth of residential real estate last year, up from $66
billion in 2010." states the article.
2.
Distressed
Inventory: "Affordable housing in
inner-ring suburbs or center city areas may be real estate's sweet spot in
2012," says Brian Block, broker-associate with RE/MAX Allegiance in Virginia, "because
buyers today aren't looking just for bargains, they're looking for convenience
and lifestyle amenities."
3.
Rental Property: With homeownership still a distant dream for many Americans,
more people are renting, vacancies are down and rents are on the rise in most
areas. "That's why many real
estate companies have shifted their business model to include rental and
property management." says the article.
Real estate agent Bill Bloomberg is now focusing on high-end rentals, working
with both owners and tenants. He feels
this has helped him retain clients.
"If
a listing isn't selling, it's usually because of price. However, most
owners are going to try to switch to another agent first to see if that will
make a difference," Bloomberg says. "Presenting an option such as renting can
prevent that from happening."
This
also attracts renters to a nicer neighborhood that might currently be
beyond their reach but might be something they might be able to afford later
when the economy improves.
"Today's
renters could well become buyers of the future." states the article, "The
majority of renters (63 percent) say they are at least somewhat likely to
purchase a home in the future. Among them, young adults (age 18 to 24) have the
strongest aspirations for home ownership, according to an NAR survey of 3,793 adults
conducted by Harris Interactive and released in January 2011."
Read the full
article at REALTOR® Magazine.
photo credit: tompagenet
Posted on January 19, 2012 12:04:07 by IPTV.Boyz
|