What's Ahead for the 2006 Real Estate Market?
My partner and I are in constant touch with top real estate agents across the United States. This helps us see trends in the national market and stay on the cutting edge of our local market. We also have access to a wealth of information which we receive on a daily basis from the National Association of Realtors, news feeds, and brilliant minds in touch with the market.
About 2005: "It's difficult to follow the strongest year ever," said David Lereah, chief economist for the National Association of Realtors trade group, which has about 1.2 million members. "The boom is obviously winding down. That's what we're all saying and observing." Existing-home sales should drop about 4 percent to 5 percent this year, compared to the 2005 levels, Lereah said, and new-home sales should drop about 5 percent to 6 percent year-over-year.
Price drops are possible in some "very, very hot metro markets," he added, though "it's very difficult to know which markets they will be right now." Nationwide, though, Lereah expects home-price appreciation to be up about 6.1 percent this year, compared to a rise of 13 percent in 2005.
What's ahead for our local market. We predict 2006 is not going to be a great year, but it is going to be a good year. Appreciation will continue as buyer demand softens somewhat. But as long as it keeps snowing up North, people will still move to Florida. ...And, Manatee County remains one of the best places to which to move!
My partner and I are in constant touch with top real estate agents across the United States. This helps us see trends in the national market and stay on the cutting edge of our local market. We also have access to a wealth of information which we receive on a daily basis from the National Association of Realtors, news feeds, and brilliant minds in touch with the market.
About 2005: "It's difficult to follow the strongest year ever," said David Lereah, chief economist for the National Association of Realtors trade group, which has about 1.2 million members. "The boom is obviously winding down. That's what we're all saying and observing." Existing-home sales should drop about 4 percent to 5 percent this year, compared to the 2005 levels, Lereah said, and new-home sales should drop about 5 percent to 6 percent year-over-year.
Price drops are possible in some "very, very hot metro markets," he added, though "it's very difficult to know which markets they will be right now." Nationwide, though, Lereah expects home-price appreciation to be up about 6.1 percent this year, compared to a rise of 13 percent in 2005.
What's ahead for our local market. We predict 2006 is not going to be a great year, but it is going to be a good year. Appreciation will continue as buyer demand softens somewhat. But as long as it keeps snowing up North, people will still move to Florida. ...And, Manatee County remains one of the best places to which to move!
posted by Dan Forbes at
3:19 PM
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