Current Market Trends Suggest an Incline
Looking back at the real estate market, the month of May shows that the worst may not yet be over. Although many experts believe the housing market will be on the incline soon, May numbers showed a large drop. Overall home sales in May of 2011 were down 3.80% from April, and a whopping 15.30% from May 2010.
Experts such as Lawrence Yun, NAR chief economist and NAR President Ron Phipps attribute many factors to the housing market decline. Both economic and environmental factors such as high gasoline prices as well as severe weather and flooding slowed the real estate market. Conservative mortgage underwriting standards had a large impact as well.
The good news is that many believe it's about to get a lot better. Currently, the market is showing that the second half will be much more productive than the first. Reduced sales have created a supply surplus effectively lowering the average home price to a 40 year low, down 4.60% from the previous year, and investors are eager to take advantage phenomenal deals.
The bottom line is, whether you're a buyer or seller, broker or lender, the summer of 2011 is going to be exciting. The Vermont real estate market is picking up momentum and there's no stopping us now!
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