Now that it is officially 2012 everyone wants to know what the real estate market will look like in the coming year. What is going to happen, when is it going to happen, and how does it affect me? That's the general chorus of questions everyone real estate agent has had to listen to during the past two weeks of holiday cocktail parties. The local aggregator of residential listings, MRIS, has released their thoughts on the matter and we've pasted the full press release below. The take home message? Chill, people, chill. [CurbedInbox]
Mid Atlantic Region Expected to be "The Exception, Not the Rule", in 2012 Housing Market
ROCKVILLE, MD (January 4, 2012) - As the new year begins, potential home buyers and sellers throughout the Mid Atlantic region are anxious about how their properties will fare in this coming year. To explore the issue, MRIS today releases a list of several key triggers that are expected to shape the local economy, and play a significant role in the local real estate market.
According to John L. Heithaus, Chief Marketing Officer at MRIS, "2011 witnessed negative coverage of the housing market on a national level, but we see positive signs of recovery happening locally - all of which will favorably impact the regional housing market in 2012. We predict that the D.C. and Baltimore Metro markets will be the exception and not the rule for a strong housing market recovery."
The new year is a time for resolutions, and in many ways MRIS says we are starting from a position of strength.
"The D.C. and Baltimore Metro housing markets were considerably better positioned in 2011 compared to national averages and our resolutions demonstrate areas for buyers to capitalize on 2011 gains, in 2012," added Heithaus. "Focusing on trends and watching market cues, allows consumers to concentrate on the strength of the area's job market and the desirability of the region as a whole."
Based on the potential for further upward price movement in 2012 and continued access to the most affordable lending rates in history, MRIS urges potential home buyers to recognize the unpredictability of the market while keeping positive indicators top-of-mind and becoming familiar with their local market.
Resolutions for potential homebuyers include:
Don't get lost in too much bad information: Vow in 2012 to utilize the technology at your disposal. Online resources such as HomesDatabase.com can enhance your home search; provide you access to real estate professionals; and customize responses to your inquiries vs. fill you up on faulty or bad information.
Know your local market: The D.C. and Baltimore Metro Areas are strong markets. Foreclosures are down significantly, at their lowest rates in almost three years. RBI, MRIS's subsidiary is a real time resource for real estate professionals and consumers alike to gain access to local market statistics and analytics.
Keep an eye on public transportation: Transportation development projects are stimulating growth in Maryland and Northern Virginia.
Stop wondering if we've hit the bottom: Job security is improving and local markets offer affordable conditions for purchasing a home. There has been a slow but steady increase since median sales price lows of 2010 and early 2011, but 2012 will likely continue with upward price movement in the market.
Keep it all in perspective: The strength of the area's job market and the desirability of the region as a whole, are very positive indicators that the region will rebound, and further reinforce that the local markets are much better positioned than the national snapshot.