After 5 years of steadily declining prices, there is more evidence that the national housing market is reviving. We saw that Charlotte home prices and volume shot up in the 2nd Quarter of 2012, and now more national numbers are in, and they are advancing as well.
Zillow's change of heart is the most dramatic- at the start of 2012, Zillow Chief Economist predicted declining prices through 2012, as much as 3.7%.
But in July, Zillow reversed course and predicted an increase in home values of 1.1%, that is a 4.8% turnaround in just 6 months! They also commentd that the "housing market turned the quarter in Q1, and Q2 continued the momentum."
Bank of America revised its forecast for 2012 as well, from a .5% increase at the start of 2012, to a recently announced 2% growth in home prices for 2012.
What about Fannie and Freddie? Fannie switched from a price declining model to prices increasing in the past month, predicting a national 1.1% rise in prices. Freddie Mac reports state by state and found the gains in home prices to be broadbased, with increased prices in 34 states in June 2012, compared with June 2011.
Last but not least, new home builder confidence rose to a 5 year high in August. The NAHB/Wells Fargo Housing Market Index rose two points to 37, the highest since February 2007. Builders broke ground on 23.6% more homes in June 2012 than June 2011- a remarkable jump, but from a low start.
Obviously this is good news for Realtors, but it is great for the local edconomy too. Did you know, it is estimated that every closing generates $50,000 in spending on average in the local economy- so Brokers need to keep on selling!
This is great news for the housing sector and the country as a whole as most economists believe that we can not climb out of the recession until the housing sector has turned the corner.
The McDonald Group at Wilkinson ERA is a group of professionals, dedicated to helping our Clients win in real estate. Expert and honest advice, local area knowledge, and seriousness of purpose but with folks who don't take themselves too seriously. The founder Terry McDonald, was a builder for 20 years, and has been a broker for the last 13 years. Buying a home or selling, first home buyer or relocating to Charlotte,the McDonald Group is here to serve. Our client list includes first home buyers to luxury homes, professional athletes, business owners and physicians. From in town to South Charlotte, Lake Norman too, we know Charlotte.
The Group's core values are all about integrity and market expertise. We look out for their clients interest above all others. We are a learning organization, and big believers in training and lifetime learning. Sellers know us for our technological savvy, our aggressive marketing, and the ability to consistently beat the averages in Days on Market. Buyers love us, we never pressure anyone, yet were able to save our Buyer clients 44% off the market average in 2013- and now that the market has changed we win more than our fair share of multiple offer situations.
Reviews on Zillow
"It was a great pleasure to work with Terry McDonald. English is not my first language so forgive any mistakes. The first time we met Terry was 5 ... more "
by polina katz
"I worked with Bobby on both buying and selling my home in Charlotte. He is so personal and cares about finding the perfect home for his clients! I ... more "
"Terry was exactly the agent we needed for our relocation from the New York area to Charlotte. We first explored a move to Charlotte a couple years ... more "
The Cost of Renting vs. Buying in the US Less to Buy than Rent? L
"Here are our favorite things about Terry:
1) He lets you guide the process as much or as little as you want, but always offers helpful suggestions at the right time. He did not guide us to the most expensive house -- he was focused on getting us the *right* house.
2) He is a strong but reasonable negotiator.
3) He is extremely responsive.
4) He has good judgment. Terry will not hesitate to steer you away from a questionable purchase. For apartment-dwellers who have never dealt with houses, this is especially important.
5) He's fun to be around during a process that is inherently stressful. Don't underestimate the importance of a pleasant partner in this process.
I hope we never have to move again, but if we do, Terry will be our first call!"