You know, one day we are all going to wake up and say, “I’ll be darned, the real estate market has turned the corner!”
Call me crazy, but I think that day will come sooner than you think
Consider this – The National Association of Realtors said existing-home sales–including single-family, townhomes, condominiums and co-ops–for September jumped 5.5 percent higher over the previous month. They are 1.4 percent higher than September 2007. That’s the first time that sales have risen compared to a year earlier since November 2005.
And you can’t ignore this important real estate barometer – the “pending sales of existing homes” index, considered to be the most forward-looking barometer of residential sales because it records a sale when a contract is signed, rather than at closing, which can be months later. In August, the latest month available, it rose 7.4 percent over July. That’s 8.8 percent higher over August 2007.
Read the signs. The bottom is here. Consider also the most important contra-indicator of all – public sentiment. When it is at its lowest, the end has passed. This has been the only reliable indicator of a rebound in every major real estate or stock market recession.
Are you ready for the rebound?
Want to find out if you have what it takes to be a Real Estate Agent or Broker?
About The Author: Tom Davidson is the acting Director of Sales & Operations for Colibri Real Estate, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.