According to the IBISWorld: Real Estate Sales & Brokerage Industry Report and Analysis, the "double-dip" recession scare is unfounded. Industry analyst forecast the real estate industry to grow at 5.5% annually.
"The industry is expected to return to growth in 2011, as revenue increases by 3.6%. The return to growth will be driven by improvements in the real estate market. Industry growth is expected to gradually increase over the five years to 2016, as fallout from the subprime crisis dissipates and real estate demand and prices rise...As a result, revenue is expected to increase at an average annual rate of 5.5% to $118.9 billion in the five years to 2016."
Interestingly, residential construction is primed a prime indicator of the future positive outlook.
"Annual industry growth is expected to continue to rise throughout the next five years, due to steady improvements in consumer sentiment, spending and unemployment. Real estate prices are anticipated to recover as the demand for property increases.Residential and commercial construction is also projected to resume in the latter part of the next five years, as the real estate sector tries to meet increased demand." (IBISWorld US Real Estate Sales & Brokerage Industry Market Research Report, 2011)."
Based on the chard above, it look like mortgage rates are also forecasted to increase. Putting 2 and 2 together, it looks like now is the best time to start buying!
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