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The Real Estate Market in 2011

January 3, 2011

PhotobucketEveryone is wanting to know what is going to happen in real estate in the new year. Unfortunately, there is no way to predict one way or another, but there are signs out there indicating that the market is improving. Take a look at these recent statistics:

According to the National Association of Realtors, pending home sales rose 3.5% in November. Based on trends from the 5 months prior, this is indicating a gradual recovery into 2011. Affordable housing and the improvements in the economy are bringing buyers into the market.

The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3% around the end of 2011; at the same time, unemployment should drop to 9.2%.

Existing-home sales are projected to rise about 8% to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4% in 2012. The median existing-home price could rise 0.6% to $173,700 in 2011 from $172,700 in 2010, which was essentially unchanged from 2009.

New-home sales are estimated to rise 24% to 392,000 in 2011, but would remain well below historic averages, while housing starts are forecast to rise 21% to 716,000.

While I can’t guarantee any of these expectations, I can guarantee that if you are a motivated seller or buyer, WE are your motivated Realtors. Pickett Property Group is in this business to move houses…whether you are buying or selling. We will help you achieve your goals. Contact us today!

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