While recent years were not the easiest for real estate professionals and the construction industry, even when it came to ultra-desirable properties that are typically in great demand, such as La Quinta and Rancho Mirage real estate, 2013 is shaping up to look like a great time for prospective home buyers, sellers, and the agents, brokers and short sale realtors who work with them.
The following information was excerpted from the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI):
“74.9 percent of homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $65,000. This was up nearly a percentage point from the 74.1 percent of homes sold that were affordable to median-income earners in last year’s third quarter.”
In addition to that good news, research indicates that nearly three quarters of the local markets in the United States are improving. As all of our local markets move further down the path to recovery, potential buyers, especially those considered median-income, are building confidence that owning a home in the near future is a plausible goal. Here in Palm Springs, we’re seeing growth and positive movement as well, especially when it comes to La Quinta and Rancho Mirage real estate.
Another positive trend that brokers, agents and short sale realtors are all consistently reporting is that low interest rates are increasing affordability, which obviously can make it a lot easier for prospective buyers, especially those considering buying their first home. Additionally, sellers have become more realistic when it comes to pricing their properties. This makes the process much easier for real estate professionals as well— when buyers are confident and assertive, and sellers are realistic with their expectations, it’s hard for everyone involved not to have a win-win experience.
It sounds like 2013 is indeed your year to buy a home!
image: buildreliant.com