The real estate market continually shows encouraging rises and disappointing falls, practically removing any means of being able to make an educated guess on where it will be heading within a few months. For every rise in home sales, there appears to be yet another rise in home foreclosure and the media apparently tends to overlook the former in favor of focusing on the latter.
One of the more prominent names in determining the future of the market has been Lawrence Yun, an economist for the National Association of Realtors who consistently pops up every so often to give his latest outlook. What are his latest market predictions?
Mister Yun says the prices for South Florida homes may appreciate by as much as thirty percent within the next five years due in part to a relative stabilization in price and the small but welcome rise in existing home sales that have been occurring here and there throughout 2008. As baby boomers retire and foreign buyers become less hesitant about buying investment property like a Miami Beach condo, they will be driving factors in spurring home sales and boosting values once again.
According to Yun, too many people have begun looking at the real estate market with the glass half empty to the point where it’s become “excessive pessimism” and it’s a situation which has not been helped by the media which has only made things worse. Perhaps the media should be doing a better job of equally highlighting market gains?
Lawrence Yun’s market forecast has been interpreted as audacious and yes, one should absolutely be a little hesitant when such predictions are made since they are just educated guesses. But recent figures do back up these predictions to a certain point and at the end of the day, it’s better to expect good things in store for the market instead of anticipating that the situation will only continue to get worse.
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