Recovery Time in the Housing Market   by Nancy Niblett

Everyone hears various information on the news of the recovery of the real estate market and when to expect the housing market to be back to normal. Keep in mind, that first of all every market is different. You may live in an area that will recover faster than another state or even one area of a city compared to another. Listening to the news on the recovery is fine but keep in mind that it is a broad spectrum of the overall market and the time frame and numbers are based on the entire market and the percentages of the overall picture. Your particular area may recover much faster or even slower depending on so many factors.
It first of all will vary from state to state or city or even area of your city. Some markets recover faster because of its continued growth in population and it overall economic conditions. Take for instance the Phoenix, Arizona area which continues to grow as well as gets many second home buyers and northern state or even Canadians seeking to find a home where the climate is warm during their harsh winters. Within the Phoenix area there are more popular and affluent areas that buyers flock to and the recovery for those areas. Scottsdale and Chandler are a couple of the more popular areas and seem to be on the rebound and recovering already.
The most recent national news predicts three more years of recovery based on the impact of the number of foreclosures reported by the banking industry but keep in mind that that is a national average again. Areas that have a difficult time recovering and seem to recover slower are areas that have no particular draw to them with business or weather. Michigan with its struggling vehicle business and the impact that it has had on its area is probably harder hit and will take longer to recover. Vegas which is seeing less money coming into the state as people have less money to throw away at the casinos which keeps additional casinos from being built gets hurt by the labor type jobs and therefore hurts their housing market.
Florida was hit very hard by the destruction of hurricanes and the loss of homes that made many people think twice about retiring in that area which has crippled their housing market and may take longer to recover.
The most important thing to remember is that when you hear the doom and gloom on the news they are giving statistics that is an over all picture and may be far off from your own situation.
If it sounds like homes are not selling that is absolutely not true. As a realtor, I have been selling just as many homes if not more than I have in the past although they may be lower priced and short sales or foreclosures they are still selling.

About the Author

Nancy Niblett is a highly respected and awarded real estate professional working in the Phoenix Metro area. She has won many production and culture awards including Phoenix Business Journals top 50 Individual Agents for the past several years.
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