A positive outlook for the upcoming real estate market-

Message received today from Jim Weichert:

I told you last week that I believe 2015 will be the best year for real estate in a while. I outlined the unique selling situation we are in, highlighted by interest rates still near their all-time lows, a better selection of inventory than we’ve had in a long time and buyer confidence at the highest level since 2007. On top of that, gas prices are very low, which helps consumers and the economy, plus we’ve had much less snow so far this year!

Here are some numbers which will help you see just how favorable current conditions are, compared to even just a few years ago: 

Now

2013

2010

Gas per gallon (NY area)

$1.99

$3.81

$2.73

Stock market (Dow Jones)

17,893

14,776

11,578

Avg. 30-year fixed rate

3.73%

4.43%

4.71%

Consumer confidence rating

92.6

76.2

   63.4

Household income

$53,891

$53,046

$49,276

Unemployment rate

5.67%

7.4%

9.3%

Foreclosures

1,117,426

1,369 ,405

2,871,891

 

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