Many industry experts are predicting 2012 to be the beginning of a slow yet steady real estate recovery.
After years of suffering through what many would call the worst housing market in history, we are finally starting to see the light at the end of the tunnel. Positive real estate articles are already capturing headlines nationwide. On January 27 an article in Chicago’s own Daily Herald proclaimed “Look for housing recovery in 2012”. On January 20 CNNMoney.com reported “Home sales continue to improve”. On January 8, DSNews.com reported “Home prices down in 2011, but market stability forecast for 2012”. Another interesting piece of positive real estate news came from a CNNMoney.com video featuring an industry expert answering the question “Should you buy a home in 2012.”
With the road to recovery ahead of us it seems more and more would-be home buyers are back in the market trying to take advantage of historic low interest rates and attractive home prices. Most industry experts project 2012 to bring only modest price increases. Even so, after years of seeing home values decline, any move upwards is a move in the right direction and a positive sign for the real estate market. Some industry experts are predicting new home sales to rise between 15% and 18% this year. David Crowe, chief economist for the National Association of Home Builders notes that for every 100 homes built, 300 jobs are created. It’s easy to see how a boost in housing can help in the overall economic recovery which is something we can all look forward to.
In Illinois the end of 2011 brought a nice rise in housing sales. Statewide, sales were up 14% in December 2011 compared to sales in December 2010. The City of Chicago saw an increase of 6.4% for the same time period. Moody’s Analytics predicts that existing home sales across the nation will rise 12% in 2012 compared to a 2% rise reported last year. Moody’s also predicts new home sales will rise a staggering 74% in 2012.
Although the improvements in the housing sector may be small throughout 2012, it is finally becoming clear that a slow yet steady housing recovery is in the works. Rock Creek Homes has prevailed through the challenging last few years and is proud to be offering semi-custom ranch homes at Henning Estates in Huntley. Our team has shown that with commitment and dedication we can work through any challenge and emerge ready to take on new opportunities in what looks to be a bright 2012.