Now finally the market may be granting their wish. With the uptick in home prices, they feel ready to put their two bedroom Waltham condo on the market. John says, “Before I was nervous about putting it on the market; now I am more confident.”
John bought it five years ago at the height of the market, and renovated the kitchen and bathroom. Finally he feels he can get his investment back. “It’s a huge relief because I was worried we’d be upside down, and so if we put it on the market and were upside down, we would have to owe money at the closing, so it’s a big relief.”
Realtors say after months of stabilization, they are starting to see home prices rise. Former President of the Massachusetts Association of Realtors Gary Rogers says there is a lot of pent up demand, explaining, “There isn’t quite enough inventory yet. And because of it we’re seeing well priced homes and condos selling in a week to two weeks, which is a lot shorter than it has been.”
With prices up and interest rates still low, the Kasperzyk’s are hoping more families will feel the time is right to sell. John says, “We’re hoping inventory will catch up and we’ll have a lot to choose from and find the home we’ll both fall in love with.”
A spokesperson for the Mass Association of Realtors says while the indicators are promising, we are still on the road to recovery, and it will be several months before we know where we truly stand.
It’s been a rough five and a half years for the American homeowner. Since the housing bubble reached its peak in early 2007, Americans have watched helplessly as $7 trillion in housing wealth evaporated. At many points during this ugly plunge, pundits have erroneously called the “bottom” of the housing market – saying things could finally get no worse. And then they got worse.
The American public can therefore be forgiven for eyeing the latest round of predictions that the market has turned a corner with skepticism. Of course, the housing market will heal at some point, so perhaps the boy is crying about an actual wolf this time.
The best reason to shed your hard-won dubiousness is a report issued today by the The Demand Institute, a think tank jointly operated by the well-respected and non-partisan research organizations The Conference Board and Nielsen. The fifty-page study is definitively labeling 2012 the year of the housing bottom.