Following the end of the recession, which was largely a by-product of the housing market's bubble bursting, the real estate industry continues to show positive growth. The mess that was left after the housing bubble still continues to be present. REOs (bank-owned and foreclosed properties) continue to be present in nearly every neighborhood, though in far less prevalence than the last few years. This is evidence alone of a healthier real estate market. As an investor, I am very fond of these properties, as they are technically a surplus of inventory that the lender (the bank that held the note) has repossessed and absolutely MUST liquidate. Holding too many properties is not in any lending institutions best interest and they have to sell these properties in order to stay under their required property ownership cap. Many retail home buyers are becoming more savvy of the deep discounts that these foreclosed properties hold and are requesting that agents in the know (like me!) alert them when these are available. Of course, these properties are priced more than fairly, but they typically require a staggering amount of renovating and upgrading. So, if you are one of these thrifty consumers, be aware that these homes are not often "turn-key" and plan accordingly.
For those of us that want to achieve the American dream of homeownership, now is as good of a time as ever to do so! The trends show a sustained growth. This is good news. A couple of years ago was the time to purchase any property at as low of a price as ever seemed possible. Currently, the market is beginning to heat up, but as this Article from Realtors shows, it is a slow and moderate climb. This is precisely what we need while trying to rebuild our economy. The housing market is one of the driving forces behind both a healthy economy and a sick one. As our nation attempts to recover and bolster employment, it need be supported by a healthy and responsible real estate market growth.
In conclusion; RIGHT NOW IS AS GOOD OF A TIME TO BUY AS ANY! For the next many years, the market will continue to inflate back to a level of aggregated stability. Eventually, we will reach another plateau of home prices and it should remain that way for many years. We will always have tumults as far as markets grow and we will inevitably have another recession in the future. For the moment, it would be in everyone's interest to get in on things from the beginning of the positive trend and ride the wave up.