Agents Predict When Rebound Will Take Shape
Expect the housing market to be in gradual recovery mode in 2012, according to a recent survey of 1,000 RE/MAX real estate agents.
Overall, about 62 percent of RE/MAX agents surveyed say they predict that 2012 will be a “good” to “very good” year for home sales.
Nearly 40 percent of the agents report their markets have already reached bottom and they don’t expect prices to drop any further. However, foreclosures remain a problem. The RE/MAX agents surveyed say they expect about 20 percent of their home sales this year to consist of foreclosures or short sales.
The RE/MAX agents are most confident about a rebound taking shape in the South. Nearly 50 percent say prices will stabilize, and about 27 percent anticipate an increase in home prices there. On the other hand, agents in the Northeast aren’t as confident. About 48 percent of agents say they expect prices to decrease in the Northeast and about 45 percent expect prices to remain at 2011 levels.
Regardless of which region, the agents surveyed reported more delays in closings. About 52 percent of the agents surveyed said they had closings that were significantly delayed in 2011, mostly due to bank procedures, financing, or appraisals.