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Following a steady increase in home prices, many real estate industry experts are making predictions for how the market will fare in 2013. Real estate professional Yoram Eliyahu weighs in on these estimations with a note of positivity for the New Year.
New York, NY (PRWEB) December 11, 2012
Although the housing market climate that grew during the recession has left a considerable weight upon the real estate industry, many professionals within the field are beginning to believe that 2012’s signs of recovery may prove more than temporary. According to a recent article from The Fiscal Times, many real estate officials believe the climate may prove more favorable to both new homeowners and to those working on the other end of the business. Experienced real estate professional, Yoram Eliyahu responds to these industry predictions carrying a similar sentiment.
One of the most notable incidents that have recently occurred in the real estate industry is the dramatic spike in foreclosure rates across the country. While foreclosures continue to prove an obstacle to American homeowners, new approaches and robo-signing crackdowns have created a more favorable foreclosure environment. According to The Fiscal Times, improved homeowner equity and bulk sales of foreclosed bank-owned properties are likely to produce a market where it will be difficult for investors to take advantage of “bargain-basement” foreclosure deals.
Yoram Eliyahu responds, “Although the article predicts a drop in favorable purchases created through foreclosures, there are still ways for individuals to buy properties at a less-than-typical rate. For instance, as the article predicts, short-sale transactions will become more prevalent as lenders opt for these deals instead of pursuing costly, inconvenient foreclosure processes.”
Another element that the article focuses on is the introduction of a younger consumer market, which is not only expected to increase rental rates, but also bring in many first-time homeowners. The article states, “A report from consulting firm Deloitte & Touche on key issues in commercial real estate for 2013 predicts that growth in demand for single-family homes next year will likely be driven by first-time home buyers.”
Although it remains to be seen if these younger residents will benefit from these trends, Yoram Eliyahu comments, “Although rental prices may be increasing, the expectation of many first-time homeowners reveals that American consumers overall are experiencing greater financial confidence. While the housing market was facing its toughest years, many young professionals strayed from the market, but now they may be re-instilling an economic boon to the industry.”
Yoram Eliyahu concludes by noting that prospective homeowners, new or old, should all consider the advantage presented by the anticipated eased credit standards, as predicted by the article. While these standards may welcome new buyers into the market, Eliyahu urges consumers to take advantage of these qualifications with responsibility to avoid future foreclosures.
Yoram Eliyahu is a leading real estate professional who provides specialized guidance regarding commercial property transactions. In addition, Eliyahu offers vast experience and insight to the clients whom he guides through the buying and selling processes. Yoram Eliyahu offers a high degree of customer support to each client, as he understands that the real estate industry is not always an easy one for them to navigate. Through his expertise, Yoram Eliyahu helps his clients identify the buying and selling opportunities that are in line with their financial and real estate goals.
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