I’ve been commenting on this for the past year for our local real estate market in the Tampa, St. Petersburg, Clearwater area but now there are more indications of a possible overall recovery starting to show.
Here’s a recent article on the Wall Street Daily blog going over some overall signs that point to there being a real estate recovery in progress right now:
11 Irrefutable Signs of a Real Estate Recovery
Auto sales. Consumer confidence. Manufacturing. Retail Sales. Exports. You name it. Over the last six months, nearly every facet of the U.S. economy has shown improvement. And the real estate market is no exception.
Here’s the irrefutable proof:….More at 11 Irrefutable Signs of a Real Estate Recovery
The signs mentioned in this article are definitely good but I don’t necessarily agree with the premise that these are ‘irrefutable signs of a real estate recovery’. The recovery on a national basis (and to some extent on a local basis) will be dependent on the improvement (or lack of improvement) in the economy and in employment.
Real estate is still a ‘local market’ industry which is why I focus on our local statistics. The recovery in our local market started in December 2008 and really took off in the Spring of 2011. I work with clients from other areas of the country and some are seeing improvement in their local real estate market while others are still experiencing a struggling market.
My best advice is to keep an eye on what is happening in the local market you have interest in to see what is happening there and look at the actual statistics (sales, inventory, price) rather than just reading the opinions and analysis of ‘experts’ or ‘analysts’.
The biggest mistake I see with buyers and sellers in my local market is proceeding in ways that would be appropriate for a different type of market but are wrong for the type of market we are currently in.