Nick Timiraos and Kelly Evans of The Wall Street Journal report that home prices in some of the major cities across the United States have registered some gains for the first time over the past three years. Their article clearly points the reader to two distinct features.
First, regarding the housing market in general, it appears as if the new and existing home sales have been trolling at the bottom for quite some time. Indicators reveal that there still might be a slight dip in home values, as well as home sales, but optimism looms, especially as this data relates to future recovery. John Silvia, a Wells Fargo chief economist, wrote, "Recession is over, economy is recovering - let's look forward and stop the backward-looking focus."
While new hope for recovery appears to show through the cracks of real estate despair, it should be noted that the $8,000 tax credit helped to boost sales for the first time-buyer and will discontinue on November 30th of this year. Other variables to consider in the recent rise include seasonal factors, in which spring and summer usually report a higher volume of sales.
Regarding Colorado Springs Real Estate, Colorado Springs Realtors have found that the local market might already have bottomed, as it shows great stability through the sales of listing inventory for the past year.
To my second point, the psychological mood of the larger city markets tends to steer the country in its intended behavioral direction. And when the larger cities start reporting gains, this information inevitably influences other financial markets, trickling down to the consumer with regards to how he or she might determine future real estate purchases.
Hopefully, this bit of brighter news dilutes some of the uncertainty that breeds hesitancy to navigate through the real estate market, whether considering the local or larger city sectors.
For additional blogs from the perspective of an Elite 25 Colorado Springs Realtor, please click on to www.cheriseselley.com.
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