With all the bads news which seems to proliferate the headlines and news-bits just before they go to break, it is nice to come across this site from Realogy called Positive Angles, Talking Points about the Real Estate Market. Granted as almost with all data, it can be skewed to make one’s point seem true and a bit of this is true here. After reading this, I intend to put a bit more Positive Spin on my answering the question, how is the real state market? Hopefully this will help you to do so also.
Some of the Talking Points from Issue 7, July 7, 2011:
New York Times/CBS Poll: Homeownership is an Important Part of the American Dream
Nearly nine in 10 Americans say homeownership is an important part of the American dream, according to the latest New York Times/CBS News poll. And they are keen on making sure it stays that way, for themselves and everyone else.
NAR Survey: 70% of Renters say Homeownership is a Priority, and 70% of Americans Say Buying a Home is a Good Decision
Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released by the National Association of Realtors, 72% of renters surveyed said owning a home is a top priority for their future, up from 63% in 2010.
CoreLogic Reports Home Price Gains for Second Consecutive Month
Home prices rose for the second month in a row in May but fell compared to a year earlier, according to the data analysis company, CoreLogic. CoreLogic’s home price index rose 0.8% in May from the month before, though prices were still down 7.4% from a year ago. Excluding distressed sales, prices declined just 0.4% year-over-year.
Foreign Buyers Lifting U.S. Home Sales
Foreign buyers are helping to stoke home sales in U.S. vacation hot spots, especially in southern Florida. For the 12 months ending in March, 31% of Florida’s home sales were to foreign buyers, up from 10% in 2007, according to a survey by the National Association of Realtors. Sales are so brisk in the Miami region now that more houses and condominiums could sell this year than in 2005, the peak year, says Ronald Shuffield, president of a Coral Gables, Fla., real estate firm.
After a slight drop in prices at the beginning of the year, the Manhattan real estate market has stabilized in the last three months, with prices rising slightly and sales volume increasing with an expected spring surge in home buying. Sales reports from the city’s largest brokerage firms showed that the increase in the average sale price was largely attributable to more robust sales of larger and more expensive apartments, while studio and one-bedroom sales lagged slightly.
Silicon Valley (California)
The resurgence in the Silicon Valley tech industry is leading to a new boom in the area’s real estate market, with rising rents and a scarce supply of homes to buy. Realtors and real estate experts are reporting a dearth of properties for sale, which often is a precursor to rising home values. Real estate statistics firm Altos Research of Mountain View found that, this spring, an average of about 76 homes were on the market in any given week in Palo Alto — the epicenter of the boom — compared with 110 a year earlier and about one-tenth the number in a similarly sized market near Dallas or Atlanta. At the heart of the boom is the technology industry, led by heavyweights such as Apple Inc. and Google Inc., which has fueled jobs and created wealth in the area.
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville