While not everyone is jumping at the chance to get back into the real estate market, industry analysts suggest we have been seeing signs of improvement in the last several months. A short look at what is going on today reveals some promising signs for homeowners and those struggling with underwater homes.
The market has been saturated with foreclosures and short sales for quite some time, both of which have put a damper on an already weak industry. New reports suggest that the number of foreclosed homes or those in short sales is decreasing. People are buying them at great prices and many have been able to avoid putting them into the market to begin with through help from lenders by way of mortgage modification.
As a result, home values are rising for the first time in years. This comes as great news to current homeowners who have been riding out a storm of sinking value for a while. The median home price in many areas of the country rose by $30,000 in recent months, some areas seeing value increases near 50 percent. Of course, this rise in value by 50 percent isn’t helping sellers turn a profit just yet; but is, instead, helping to regain lost ground from years past. Regardless, demand from buyers is up and sellers may actually have a shot at breaking even, if not profiting, in the near future.