Today consumer survey shows buyers are in it for the long-haul, planning to stay in their home for a median of 10 years. This is a wise approach to housing because the longer you own, the better your investment.
New-home sales are projected at 773,000 for 2007, and declining to 669,000 this year before rising to 730,000 in 2009, but well below the 1.05 million 2006. With an appropriate slowdown in production, housing starts, including multifamily units, are forecast at 1.36 million for 2007 and 1.09 million this year before edging up to 1.10 million in 2009; starts totaled 1.80 million in 2006. The median new-home price should drop 2.1 percent to $241,400 for 2007, and then rise 0.4 percent to $242,200 this year and gain another 5.9 percent in 2009.
According to the latest forecast by the National Association of Realtors, America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
When is the media going to get it right.
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1 comment:
The question should be "when is the National Association of Realtors" going to get it right!
Bottom line is that their forecasts and predictions have been utterly wrong and off mark for the past 3 years, and the only one who has benefitted from it is their "chief economist" who published 3 books during that time.
The motivation of course is clear: The NAR wants to maintain membership and they need to tell their REALTOR (R) membership that 'things are going better' so they don't jump ship which of course would result in fewer dues.
Here is the REAL question: If your sister (brother/mother/father) were to move to your local area today and was thinking of buying vs. renting, what would your advice be? Would you suggest the buy now, or would you suggest they rent for a while and wait to see what will happen to the market?
Thomas Heimann, President & CEO
BRAVO REAL ESTATE SOLUTIONS
Bravo Brokers/Bravo Title/Bravo Lending
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