Real Estate
The real estate market in United States has undergone several changes over the last couple of months. Financial experts are assuming that there will be a spill over of similar events in the year 2009 too. Property cash flows will continue to be crippled by decrease in price of property, delinquencies and foreclosures.
After the industry depression that took place in 1991 and 1992, this is the first time commercial real estate is passing through a bad phase. Debts are piling up and there are many homeowners who are drowning in debt. Even lenders are shying away from lending and even if they are lending, the rate of interest is so high that borrowers are defaulting.
The turmoil in the housing market is giving a boost to the “apartment market”. More and more people are opting for apartments. The real estate market in USA is showing the following trends-
People are saving on square footage
Smaller homes are being preferred by more and more people. People are not willing to pay for more square footage so that they can save some money.
Renting is a better option for many
Consumers prefer to rent rather than own a home of their own. People are realizing that owning a dream home means you have to shell out even more for maintenance. With the liquidity crunch prevailing in the real estate market, consumers have developed an inclination for staying at rented premises.
Moving towards the suburbs
People are heading for the “suburban sprawls”. Realtors or developers have shifted their focus to the development of the suburbs. In addition to residential complexes, retail shops and restaurants are also being built.
Drop in price of homes
Few financial experts are of the opinion that the year will show a “V” trend. The price of homes will be decreasing during the first half of 2009. The decrease in home prices may be between 30% and 50%. Thereafter, the prices may rise again if not dramatically but comparatively. It is also being predicted that in few places the home process may remain flat for sometime. Owing to the credit crunch, competition in the real estate market will decline sharply. It is being anticipated that incidence of foreclosure will also increase manifold.
Even though credit crunch is prevailing in the market, consumers having a steady flow of income every month are in a favorable position. Consumers with a steady income source have the option of buying a house or an apartment at a very low interest rate without compromising on the square footage.
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