As our national economy finally starts to pick up steam we have to ask the questions: Will 2012 truly mark the beginning of a real estate recovery? Will values start to turn upward? Will people have the confidence to buy or build homes this year?
I believe the answers are YES, YES, YES!
In fact the recent sales & permit data already support this. I certainly don’t think that the market will increase dramatically in the short term. Over the long term, however, events are coming together that will restore faith in the housing market. To be sure, there is still much pain to be felt; and few expect values and activity to rival the mid 2000’s anytime soon; but that’s probably a good thing.
Having lived and worked through (and survived!) three previous housing recessions, I can predict some things for certain:
- The recovery will be tepid in many areas and robust in others (location, location, location)
- Our “buyer’s market” will shift to a more “neutral market” in most places. Highly desirable areas will shift to a “seller’s market”
- What is presently perceived as an overabundance of inventory will someday soon become a scarcity. Especially in new well priced homes, and quality building lots.
- Prices of materials, labor and mortgages will go up as demand increases.
- Present “below market” opportunities will vanish-QUICKLY.
If you’re still sitting on the fence and wondering if it truly is a good time and opportunity to buy or build- don’t delay- You might miss it!
Check out the latest article in Builder Magazine: 2012 Growth Looks GoodIf you are interested in obtaining additional information on the custom home building process or any of our Colorado Springs luxury home sites call us at 719.219.5421 or visit us online atComito Building and Design.