Optimistic Outlook for the Real Estate Market
It’s only February, but 2013 has shown signs that it might just be a good year for the U.S property market. Interest rates have hit record lows while other investments continue to remain on uneven ground, urging a section of the market’s experts to believe that real estate could be a prime opportunity for investment in the country. Adam Leitman Bailey, the managing director of a real estate firm in New York City said that Europe’s mess has made its’ market unpredictable, forcing investors to look elsewhere for prospective second homes.
While the residential real estate markets seem to be recovering quickly across the country, Bailey says that this year has shown enough promise already, and is set to become the best annual period for the American property market since 2006.
According to market predictions, the major cities such as Los Angeles, New York and Miami are expected to attract large investments in 2013. Although inventory is limited, Bailey expects these cities to break sales records this year. Washington DC is another city under the microscope. Bailey said that Obama’s big government means that more jobs will be available in DC this year, thereby increasing interest in real estate investment too.
Stewart Holley VP of Business Development for Forseti Real Estate Services concurs. We have seen a significant increase in real estate activity around DC and we expect it to grow over the next three years.
Bailey believes that vacation homes that cost between $3 and $4 million will also receive a boost in sales this year. Areas such as Malibu and the Hamptons are expected to attract interest from overseas investors, while locations with good school systems and solid local governments are also in for a positive year.
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