Last week, a reporter from the Wall Street Journal proclaimed in an article that “the housing bust is over.” Citing statistics from across all areas of real estate, he also references a new Wall Street Journal survey in which 44 out of 47 economic forecasters said they believe the housing market has reached its bottom. In other words, only three think the downturn will continue.
And it is true that conditions are improving. The inventory of existing homes for sale is close to the normal level of six months’ worth, and the number of vacant homes is at its lowest level since 2006. Prices are going up, sales are rising and customers are coming to Open Houses and contacting our sales offices.
It appears this is not another blip. It’s the new market, and it’s here to stay.
While mortgage rates still remain at record lows, this is a great time to buy a first home or make the move up to a larger one.
=================================================================================
Jennifer Blanchard, Sales Associate
Weichert, Realtors – Basking Ridge
