Originally planned for an audience of up to 50, response to the seminar was so positive the venue had to be moved to accommodate the increased audience.
Ken and Alan kept the presentation, filled with current statistical data and trending information, lively by adding a touch of humor and a bit of back and forth bantor. Just afew of the pertinent facts follow.
The National Association of Realtors (NAR) reports the 2012 sales of single family homes was up 9.2 percent over 2011 sales. Annual levels are now close to the 2007 levels. Marco Island sold 1,191 units in 2012 – up 24.5 percent over the year prior, and are now above the levels set in 2005. Mortgage rates hit a record low in 2012 at 3.66 percent.
Historically, a mortgage took 21.6 percent of a family’s income. In 2012, it was 12.9 percent. The presenters did an excellent job putting affordability in perspective: a home valued at only $94,000 in 1972 had a monthly principal and interest payment of $825 at a 10 percent rate. A home valued at $176,600 in2012 has a monthly principal and interest payment of only $626 at an interest rate of 3.4 percent.
Distressed property sales stabilized in mid-2012 which is key to a healthy market. GDP is up for the third year in a row. Unemployment in the United States has realized a decline since 2009 and is now 7.9 percent.
Ken and Alan discussed four steps to the housing market recovery. First, stable home prices. Second, stabilize the banking system. Third, create jobs. The fourth step in the recovery process is to stimulate the economy through stable home prices and job creation. They did not avoid the bleak European economy outlook and they pointed out the interesting increase in High Net Worth Individuals during the past few years.
Theseminar closed with information from NAR on what buyers want from a real estate agent what they consider are the most important factors for buyers. They also looked at how sellers choose an agent and what they find important.
What is the future of the real estate market? It takes knowledgeable realtors to make those predictions. The consensus from the presenters in the final analysis was an overall positive outlook:
- There will be a gradual march towards price appreciation.
- Improved sales activity and balanced inventory.
- Increase in new construction single family homes.
- Greatly improved economic climate.
The seminar was sponsored by Coastal Breeze News. A networking social for those who attended was held at the Marco Island Brewery following the event. If you would like a copy of the presentation, email your request to email@example.com.