"When will the real estate market regain consciousness?" This is a question that many are asking. A depressed economy has helped to keep the housing market in the slums but there are signs of slow and steady progress.
Government incentives from President Obama’s stimulus package like the $8,000 tax credit for first time home buyers and loan modification programs have encouraged people to make home purchases and help others hold on to their properties. While these efforts have helped give the market a boost, there are still many pending foreclosures and people at risk of losing their homes. A bleak economy with high unemployment rates is a formidable opponent in this battle to revive the economy and more specifically the real estate market.
As someone who’s made a recent home purchase and in the process of moving, I can tell you that it is truly a buyer’s market. The values of homes have drastically declined. While low sale prices makes it a great time to get into the door of a new home it is bad news for homeowners who bought their property at the peek of the market and are now stuck paying for a home that is no longer worth the price. Potential sellers and contractors are also apprehensive fearing that they will not have a high return on their investments and they are probably right.
Although we are making tiny steps toward economic recovery, it will likely be at least 3-5 years before homes begin to increase in value.
Visit your premiere West Palm Beach Movers frequently for more on this topic and other relevant issues that affect our community.
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