NAR video on the state of home sales for 2011

This video is directly from Laurence Yun from the National Association of Realtors. Things are continuing to change in our real estate markets with some drastic changes being very localized. The cost of new construction is now much higher that purchasing an already built home- which we see playing out in the Brainerd Lakes area of Minnesota and construction of new homes therefore slowing to a crawl. People are entering the market to pick up properties at low prices. Cash transactions seem to be much higher than normal- suggesting that there are investors rushing in with all cash or first time home buyers getting contributions from family members to purchase properties. Laurence feels conditions are favorable for rising sales in the upcoming months.