One of the things that makes it tough for real estate agents is that the statistics are always trailing. So when the bubble burst, it took a few months for it to show in the numbers. People were still buying into the downward trend.
Well, the reverse may be happening in Boston. The media is talking things down and the trailing statistics are looking ugly, but the word on the street is that things are picking up. Once those numbers start rolling in and the media starts reporting it, consumer confidence in housing should also pick back up.
That is why numbers like these from the National Association of Realtors are great to hear:
The trade group’s index of pending sales is up by 3.2 percent over February. More significantly, it is also up 1.6 percent over a year ago as well.
These are sales being inked now, not closed after having been agreed to back in January or February.
That doesn’t mean there will be an imminent rebound in prices. To the contrary, prices may keep on falling for some months. And they still likely have a way to go, especially here in the pricey Boston area. Boston.com.
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Has Boston been hit harder than other parts of the country? From what I was reading the Las Vegas area has it the worst. Over a third of all homes are in foreclosure trouble and you can pick up really nice houses there for very cheap if you have the investment capability.
There is a clear need in the real estate investment marketplace for private lending (non-bank lending). There should some well qualified borrowers and lenders together in an environment where private loans can be handled in a safe and efficient manner.
The bubble in real estate is revealed and now prices are coming back to original state.still real estate has potential so it will take some time but soon real estate market will be recovered.
Hi,
As you said – People were still buying into the downward trend. I personally believe that downward trend is the best time for investment in real estate.
Glad to know that Boston real estate is on its way to recovery. Same is the situation in Gulf region where Dubai real estate is now gradually showing signs of recovery after a long time of crisis and now as these real estate industries are recovering, it is the best time right now to invest in real estate to reap its benefits in future.
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