In prior blog posts we’ve talked about new residential development throughout downtown DC neighborhoods. The construction of new condominiums, new apartments and a host of new retail sites are evidence of growing confidence in Metro DC real estate!
There is good news for housing on the national front as well, which could mean a potential boost in relocation activity. Here is an insightful survey from PropertyShark and Point2Homes!
National Survey Points to Upbeat Housing Sentiment
Home buyers and real estate professionals nationwide were surveyed about their opinions on the real estate market for 2013. Topics in the survey included home sale prices, sale volumes and home inventories, and factors affecting the housing market.
According to the survey, 71% of respondents predicted that home prices will go up, or remain the same in 2013. This opinion was shared by 59% of real estate agents and by 37% of home buyers.
A rise in sales activity is expected by 41% of the respondents. 52% of real estate agents agreed with this opinion, as did 41% of home buyers.
When asked what will influence the 2013 real estate market, 31% said mortgage rates. The next most influentual factors were the availability of mortgage loans and the presence of foreclosures.
Home Sales in 2012 at Highest Level Since 2007
The renewed optimism in the housing market follows data released by the National Association of REALTORS®. Earlier this week, NAR reported that sales of existing homes in 2012 reached their highest level in 5 years. For all of 2012, existing-home sales hit 4.65 million, the highest level since 2007. National home sales in 2012 were up 9.2% from 2011.
The market was temporarily distracted by the “Fiscal Cliff” budget debate and is now concerned over the Federal debt-ceiling debate. Broad economic issues can always impact consumer confidence and influence market behavior. These matters aside, the positive factors contributing to a healthy housing market, such as low interest rates, rising home values, and stabilizing home inventories remain intact!
Get Expert Real Estate Advice for DC, Bethesda and Chevy Chase!
If you are buying or selling a home in the DC Metro area, give yourself the advantages of working with local real estate experts who have a proven track record of success. We will listen to your needs, and take care of your questions and concerns. We always have the latest home sales data at our fingertips in order to provide you with comprehensive views of local market activity.