It may be a little early to start putting the champagne on ice, but looking over last week’s releases of housing reports gives us a fairly good idea of how our housing picture for the year 2012 is likely to end up.
“The housing recovery that started earlier in 2012 continues to gain momentum,” according to CoreLogic’s Chief Economist. The monthly data report covered final national numbers for October (a year-over-year rise of 6.3%) as well as a probable 7.1% increase for November 2012.
CoreLogic was also “seeing an ongoing strengthening of the residential housing market” as well as “improving buyer demand.” Greater Kalamazoo housing watchers might have assumed that the aftermath of Superstorm Sandy would have put a big dent in the national outlook, but apparently that effect may be less than anticipated.
If CoreLogic’s take was not quite definitive enough to trigger an early break for the bubbly, there was additional news from the financial soothsayers. Seekingalpha.com stayed with its months-long view that “there are immediate long-term opportunities for homebuyers,” while Barron’s quoted RDQ Economics’ John Ryding’s pronouncement on the housing market: “the recovery is running ahead of our expectations…”
Meantime, the Wall Street Journal was blogging about the ‘Five Reasons Home Prices Have Been Rising’ – including favorable affordability, lowered levels of distressed sales, and rising rent levels. They also pointed to plunging inventories that “see more buyers chasing after fewer properties.”
Of course, the complete greater Kalamazoo housing picture for the full year won’t be known until December is in the books. But considering how the year has treated us so far we are optimistic that the final results will show what we have already seen for ourselves. The market in 2012 has been stronger than is has been in at least 4 years and the Veenstra Team is very thankful!
As top REALTORS in the greater Kalamazoo real estate market, you can always get up to date market trend reports from us. We maintain up to date Market Updates on this Kalamazoo-real-estate.com website and we will provide market trend and home price opinion reports anytime for your specific house or neighborhood. It is one of the ways we are always ready to serve you.
Looking forward to a great 2013! We are not heading out on any vacations over the holidays, so we will be glad to give you the service and information you need to meet your housing goals in 2013.
Your thankful Kalamazoo REALTORS,
David and Jason Veenstra