The National Association of Realtors (NAR) recently reported that the housing market is on the road towards recovery. Silver Spring, MD homeowners have been seeing increases in home values in the DC metro area since last year. Now the rest of the nation is catching up, which is great news for the housing economy as a whole.
While real estate professionals and economic analysts agree that all data is pointing towards improvements in the market, not everyone agrees on how long these improvements will last. There is still much uncertainty in the economy, and while consumer confidence is higher than it was a year ago, it still leaves much to be desired.
The unemployment rate is decreasing around the nation - Silver Spring, MD consistently remains under the state and national unemployment levels. However, a decrease in unemployment could be impacted by an increase in Americans who have stopped looking for work.
Shadow inventory still concerns some analysts. Since the “Robo-Signing” settlement, foreclosure and short sale processes have been expedited, causing the back-up of distressed properties in the banks’ pipelines to begin moving again. The fear is that these properties will be released onto the market faster than buyers can purchase them. However, most analysts feel that there will remain strong demand from investors, cash-buyers, first-time homebuyers, and former homeowners to absorb this activity.
One group that is often overlooked are the former homeowners - people who lost a home in the beginning of the housing crisis (2008) and are currently renting, but have since repaired their credit to a point where they can buy again. This group may represent the most anxious group of buyers for a number of reasons.
It’s important to remember that the housing market is cyclical, and the “bottom” will always be relative to prior months and years. It’s impossible to predict the future, but it is possible to review the history of the housing market and note how many times history has repeated itself: The housing market booms, then the bubble bursts, and eventually the market returns back to a healthy state.
If you are a struggling homeowner in Silver Spring, MD, know that foreclosure is NOT your only option. The government has implemented many effective plans to help homeowners stay in their homes - many of which are newer and were unavailable in the beginning of the housing crisis.
To learn more about foreclosure solutions and receive a free report entitled “Escape Your Unmanageable Mortgage,” visit www.EmdeeREO.com or call me, Emcee Arah, directly at 301.452.5252. As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I have made it my mission to know the best possible options available to distressed homeowners for both their present AND their future.
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