Wednesday, July 24, 2013
Housing Industry On a Steady Rise
In the last two years, there has been an unstoppable positive turn in demand for real estate. This resulted in increased home buyer’s motivation to purchase. In addition, this newest trend boosted builder’s confidence in the real estate market as well. According to Mr. Jay McCanless, an analyst for Sterne Agee, “Housing demand, whether its rental or ownership, is a positive indicator,” the main reason for this is a steady job creation over the past three years which especially helped the private sector. Tampa Bay area is no exception; there has been a larger demand for multi-family and single family rentals and ownership.
What does this mean for potential home buyers or sellers? The overall positive attitude amongst the members of builders associations and customers seeking new homes caused an increase of six points in the Housing Market Index in July 2013. This was the strongest increase since January 2006 and it also showed that builders are being more confident in building new single family or multi family houses. Future homebuyers do not need to fear a tighter inventory of existing homes since the builders have regained their trust in the real estate market. In 2012, we have experienced a household growth of 2.4 million which easily passed a 65-year average of 1.2 million. McCanless also mentioned in his report that continuing job growth is creating a similar household formation environment for 2013 which should support our positive housing outlook.
What will the future bring? The rising job creation and the growing house inventory are very good signs for the future. Also, McCanless believes that rising number of housing permits, housing starts, and resales is going to continue at least throughout 2015. This positive attitude has mushroomed in all parts of the country including the Tampa Bay area.
The SI Real Estate team is here to guide you step by step in the purchasing and selling process to make sure that you are 100% satisfied with your transaction. Our number one priority is the highest possible customer satisfaction. Do not hesitate to contact us so we can find you the house of your dreams, or to assist you in selling your home. The SI Real Estate professionals have an extensive knowledge base of the local area, which will help you in purchasing the right property or selling your real estate.