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“Real Estate Heading in the Right Direction”- The 2015 Housing Wave. The Domino Effect

Real Estate Heading in the “Right Direction” | Simplifying The Market

The housing market has taken a great turn toward recovery over the last few years. The opinions of the American public toward real estate took longer to recover, until recently.

NAR (National Association of REALTORS) researchers are predicting that “pent-up sellers” will likely be unleashed in 2015, after regaining equity and feeling more confident from the economic recovery.

For the first time since 2006, Americans have an overall positive view of real estate, giving the industry a 12% positive ranking in a Gallup poll.

Americans were asked to rate 24 different business sectors and industries on a five-point scale ranging from “very positive” to “very negative.” The poll was first conducted in 2001, and has been used as an indicator of “Americans’ overall attitudes toward each industry”.

America's View on Real Estate | Simplifying The Market

Americans’ view of the real estate industry worsened from 2003 to the -40% plummet of 2008.  Gallup offers some insight into the reason for decline:

Prices Dropped

“In late 2006, real estate prices in the U.S. began falling rapidly, and continued to drop. Many homeowners saw their home values plummet, likely contributing to real estate’s image taking a hard hit.”

Housing Bubble

“The large drops in the positive images of banking and real estate in 2008 and 2009 reflect both industries’ close ties to the recession, which was precipitated in large part because of the mortgage-related housing bubble.”

Bottom Line

“Although the image of real estate remains below the average of 24 industries Gallup has tracked, the sharp recovery from previous extreme low points suggests it is heading in the right direction.”

Home prices between the top and bottom segments of the housing market are rising, which could unleash a “domino effect” that builds first-time and move-up buyer momentum this year, notes a new real estate report by Clear Capital. But the build up in traditional home buyers is coming at the cost of declines in the luxury home market.

If the news of recovery has you considering home-ownership, meet with a local real estate professional to discuss the opportunities that exist in today’s market.

 

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Kathryn Lovell, Broker, CDPE, SFR, e-PRO
RE/MAX Preferred Properties, Inc.

953 Dolly Parton Parkway, Sevierville, TN 37962
Direct 865-740-4877
Office 865-392-5885
 Fax   888-901-4030
Each office independently owned and operated
TN License-315211

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