There is a campaign that I’ve seen unfold over the past couple of years to help children manage sadness and despair, something I first became familiar with when I saw the video of a small municipal council meeting where a local legislator used an opportunity at a public event to tell a very personal story. You can see it for yourself here: http://www.youtube.com/watch?v=ax96cghOnY4 I found this gentleman’s story so moving. Whether you have had a similar experience or can relate to the particulars of the situation is not what I thought was relevant. Rather, what resonated with me was that all of us have had reasons to be unhappy or feel isolated and it has been important to have someone remind us that it does get better.
So I’m borrowing this phrase for purposes of helping out those who’ve been affected during the housing crisis of the last five years. Friends, it gets better.
For a long time, people involved in the real estate market have suffered under the weight of an incredible burden. The market has been bad. It’s been so bad that our housing catastrophe, as a subset of the economy, has made the housing woes of the Great Depression look like a hiccup. Child’s play. Over the past few years, many people have lost their homes, their jobs, their dignity. For too many, it’s been a challenge just to face the day some days.
But it’s o.k. It gets better. In fact, it has gotten better.
Inventory is down. Way down. That means there’s greater competition for a smaller group of properties. That’s good news for sellers, as competition leads to an improvement in sale price numbers. And there’s good news for buyers too. Interest rates have held steady at the lowest numbers in our lifetimes. That means there’s been no better time in history to borrow money for housing. And there’s more: transactions are closing, bank-held inventory is clearing out of the market, and traditional sales are on the rise. That’s great news for everybody. As the absorption rate continues to improve and processing times reduce we get closer and closer to a healthy, steady and sustainable market.
A healthy residential and commercial real estate market is essential to the stability and good health of a robust economy. We’re heading in that direction. It’s getting better. Sometimes it doesn’t get better on our preferred timeline, but it does get better.
So if you have a need to be in the real estate market please reach out to us and find out how you can take advantage of these improved conditions. During all of the ups and downs, we are here to help you make the best of it. Call us at 773.467.5300 or find us on Facebook at CarmenandTonyRealEstateServices.