Though the real estate market has improved, we still
have one item holding it back from a full recovery – a robust supply of homes
for sale. Demand has increased
dramatically. At the same time, housing inventory is
decreasing especially at the lower price points.
The National Association of Realtors (NAR)
recently revealed that there is a pent-up seller demand
caused by the uncertainty created by the housing crisis of the last decade.
What
does that mean to you?
Houses listed today sell quickly. With prices still below
peak
values of 2007 in many parts of the country and mortgage interest rates
at historic lows, this may be the perfect time for your
family to make the move to the dream house you always wanted – whether that’s a
larger home or that vacation/retirement home you have been looking at.
What
does that mean to the economy?
Housing has always been an essential part of the
U.S. economy. As we have reported
before, real estate not only provides housing for families. It is often the
greatest source of wealth and savings for many. The recent increase in real
estate sales has led to an increase in real estate prices. This has increased
the value of everyone’s' home, whether they are selling or not. This leads to
an increase in consumer confidence which in turn leads to an increase in consumer
spending. Plus, each home sale automatically puts money into the economy.
NAR compiled data from research conducted by the Bureau
of Economic Analysis & Macroeconomic Advisors on the economic impact
of a home purchase.
After reviewing the data, they concluded that
the total economic impact of a typical home sale in the United States is an
astonishing $52,205.
The more
homes that sell, the better the economy.
Bottom
Line
In order for the U.S. economy to get better, we need
to sell more homes. Perhaps, it makes sense for one of those homes to be yours.
If you have considered selling but are still a
little nervous, now might be the time to sit down with a real estate
professional familiar with your market and see what your options truly are.
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