We all know that all real estate market conditions are local. But, it might be a good time to ask, what's needed to improve the real estate market in your service area for coming 2015 year?
We are all from different parts of the country, and our real estate markets depend on the local economy. Whether business investment occurs is related to how the future economic outlook is viewed. Areas that have major government employment or energy exploration seem to be performing quite well, for example.
When business expands and hiring takes place, economies improve. When just a single home is sold, jobs are created. Of course, many jobs are created when many homes are sold. Middle class jobs are needed to replace the many that were lost during the recession.
What are the structural problems that are keeping your local areas from prospering? Or what is needed in your area for a better economy; thus help the local real estate market to prosper? Maybe your area has prosperity, but a lack of enough housing? Is that caused by a lack of confidence in the general economy?
After hearing Rick Sharga (of Auction.com) speak recently, it seemed that his figures were too general to get a real grasp and understanding of local markets. (Some markets might still be distressed while some are not.) And then thinking, who understands the native real estate turf better than the resident real estate agent?
It would be great to hear from those of you willing share your view......
What's the state of your real estate market, and what will it take to get it on track to a better year in 2015?