Real Estate Sales Show Small Economic Improvements
According to an article by the Realty Times, real estate sales have showed little signs of improvement recently. The market has been relatively unchanged and has shown only small signs of growth. Despite this, the current market status is an improvement over last year’s position. While the current state of the economy is certainly no easy fix, there is something to be said of the fact that there are improvements from last year.
Another positve aspect in real estate is that mortgages are at record lows. The housing recovery appears to be on its way as low mortgage rates can indicate a prospering economy. As the economy continues to pick up and more people find jobs, they’ll have the financial support to purchase a new home and thus improve sales.
While the market does appear to be picking up slowly, it will suffer a minor setback in the wake of Hurricane Sandy. Natural disasters usually impact the housing market as the impacted towns experience a drop in sales for a short period of time. However, once those affected by the storm receive insurance for any damage, they then have the finances to go ahead and possibly purchase a new home, thus contributing to sales.
Despite the fact that the recent hurricane may negatively impact the real estate market for a short time, there are positivies to focus on and it appears we are heading in the right direction.
-Zohar “Zack” Zamir