This is Mark Warner with propertiesandoptions.com and I wanted to comment today about the rainbow at the end of this rainstorm for real estate. Derek Kravitz of the Associate Press reported recently that we had the highest pace for home sales in over a year. We had 4.61 million units sold in the year 2011 compared to the year before of 4.19. The boom time was 7 million units in 2005 and many economists say that we need an average of around 6 million homes that are sold per year to have a good housing economy.
What does that mean to us? Number one, it means that prices are starting to stabilize a little bit. Interest rates are still very low and therefore prices and interest rates make for good purchases for investment properties It’s still very difficult for somebody to qualify for a mortgage and therefore there are lots of renters out there looking for good quality real estate to rent. Someday they may want to own as the economy turns around and more people get employed which seems to have a small uptick to it as well besides home sales. What this means is there is a pot of gold at the end of the rainbow for those who take the step to buy real estate and to buy it now and to hold onto it with good renters through this next period of time and there will be a rainbow at the end of this rainstorm for real estate.
This is Mark Warner with propertiesandoptions.com,