Everyone has heard stories of the Great Depression, and how tough life was. The pictures and words can never adequately define the amount of suffering that was felt. You just had to be there. Twenty years from now, few will remember the realty news that broke in 2008, about the subprime mortgage crisis. A peaking real estate market in 2005, left thousands falling hard with worthless properties. For those that were caught in the midst of this horrific era, however, the memories are still much too vivid.
In September of 2012, an increase of 5.7% was finally seen in newly-built single story homes. This was the largest increase in 2 1/2 years. The hope, shared by thousands, was beginning to turn into anticipation. Realty news, of this magnitude, began to spread like wildfire and was shared with improved housing markets across the US. The National Association of Home Builders/First American Improving Market Index (IMI), now suggests that the housing market is finally responding in growing numbers.
Realty news of any positive nature, can have an impact on residential contractors, potential home buyers and affect the entire real estate climate. Although the IMI has only been positioned since November 2011, the rising indicator is a welcome change from four short years ago. Figures show that only 30 markets were rated high enough to make the list when the IMI was formed. Today, that number has grown to 125.
In October 2012, Tampa, Florida, saw a 26% increase in home sales, and an average median price improvement by 13%. The trend for homes sitting stagnant, is beginning to change for the better, and at a faster pace. The Realty news of inventory of homes reducing by 25% over the past year, continues to point to more than a trend, but a complete turn-around in the real estate market.
Although the Realty news of a bright tomorrow is bringing folks to make bold moves toward purchasing new and existing homes, there is still a long way to go. Appraisals that are unyielding, and unrealistic lending conditions are still a challenge. But, this too will pass, with time. As the economy takes a foothold and good-paying jobs return, financial institutions will relax.
Experiencing the trauma of a crushed housing market can leave you leaner and meaner than ever before. A valued appreciation is gained and your assets, more tightly guarded. Understanding how the housing market operates, and knowing the right steps to take in moving ahead, are hard lessons that can prepare you for any good or bad realty news. Experience gained by hard lessons, is a valuable tool teaching the next generation. Use your newly gained knowledge, as your grandparents did with the Great Depression, and follow Realty news and trends closely. This base can lead you to a better understanding for watching any upcoming changes in the market, and be able to plan accordingly.
Lance Mohr is the owner of Tampa2Enjoy.com. If you are thinking of investing in Tampa Bay real estate please visit our website.