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Summer is nearly here and the housing market is on fire! In today's June edition of the hot off the press market report, I'm going to be a little controversial right off the bat. I believe we're in a five-year pivot in the real estate market right now. Some so-called "experts" like to say it's a seven-year pivot in recessions.
I think if we isolate the real estate market itself, it's in a five-year pivot based on the last 15 years. From 2001-2005 there was a boom with prices skyrocketing and the market was strong, even too strong in some places, allowing greed to replace integrity. Lending standards and appraisals standards might not have been where they needed to be, and, of course, it caused a market correction, causing the crash. The five years after, we had a very slow recovery coming back in the housing economy. We never really gained strong momentum.
I predict that the next five years are going to skyrocket. I'm not saying prices are going to skyrocket - I think sales are going to skyrocket.
Home price gains have clearly been a driving force in building positive equity for homeowners. Longer term, I anticipate a better balance of supply and demand in many markets, which will help sustain healthy and affordable home values in the future. Right now, we're starting to build a supply again. Prices went through the roof recently because the demand exceeded the listings on the market, and as people start to build equity in their homes, what we'll see is more people start to put their homes on the market. That will temper prices to a certain degree, and that's good news because it will lead to a healthy housing market. It's actually stronger than the stock market right now.
According to a recent Gallup poll, Americans view real estate as the best form of long-term investment in all income categories. This is really an incredible time for the market. If you're considering selling your home in the next six months or even the next two years, you need to call me right now! Don't forget to share this blog with your friends, family, and social circle, and be sure to join us at the next Home Shark Selling seminar. Click here to learn more.