Today, Inman News released a collection of predictions and wish lists from industry professionals for the real estate market in 2011. The article is an interesting read, and brings to light a few key themes that we can expect to see after we ring in the New Year on January 1st.
The real estate market will continue to change at an ever-faster pace. Agents and brokers will need to be aware of the most recent market trends at all times or they will be lost. One way to stay up-to-speed will be technology. Since buyers and sellers are becoming increasingly mobile, agents and brokers will need to, as well.
A large number of first-time home buyers will increase the number of homes sold during 2011. As this market reaches financial maturity, the people within it will seek reasonably priced homes with incredible mortgage rates. This, in turn, will raise the number of homes on the market, which could negate any positive effect from an increase in sales. I work with many first-time home buyers, and they will need the proper guidance to ensure they make smart decisions in this risky real estate market. One possible scenario is to encourage home buyers to buy homes that are occupied opposed to real estate owned (REO) properties.
Banks will need to work more quickly with real estate professionals. By delaying sales and requesting more appraisals, the banks will continue to slow the housing market. On the other hand, effectively communicating with buyers, sellers, agents, and brokers will allow more people to buy and sell real estate.
If you have any questions about the Denver real estate market, please feel free to call me at (888) 860-1931. I can answer any questions you may have about the market and where it may be heading in 2011.