Housing Market Finally Headed in the Right Direction

Recent reports on the housing market show that, after the past months of dismal news in the real estate world things might be turning around. According to tvnz.com, previous quarters showed a drop of 2.1% of national property values, compared to the 0.4% increase in the June quarter. The national average home for sale price rose from $371,555 in May to $378,535 in June.
Right now, housing prices are low, but still stable. Consumer reports have shown that people are becoming more optimistic, and buying is on the rise. QV did a survey finding, "Property values and lower interest rates mean that nearly 6 out of 10 respondents still believe that now is a good time to buy."
Different areas of the country are experiencing varying levels of growth. RE/MAX of Massachusetts cited an increase in first-time home buyers during the spring season. The median price of homes in the area is increasing monthly. However, prices are still much lower than previous years. This climb gives realtors and home buyers a reason to look to the future with high hopes.

According to the Dow Jones report, median home prices in New York keep falling. This makes homes more affordable for those looking to live in the city. Closing costs are slashed from previous years, and it costs almost as much to buy as it now does to rent.

However, there has been a recent downturn in the housing economy abroad. No one can predict what will happen in the future, but the condition of the housing market overseas affects consumer's thoughts on where the housing market in the states is headed. The suffering economy and rising housing prices around the globe lead people to believe that the current stability in our markets will not last for long. In fact, 49% of people reported that they expect further price drops.

However, for now the trend is upwards, and all we can hope is that it continues to rise.

Coldwell Hubbell Banker Briarwood is the leading real estate company in the Lansing area. They specialize in Lansing homes for sale and have been in the Lansing real estate business for years.