Midwest Real Estate Data (MRED) describes its members as being “cautiously optimistic,” for 2012, while not forgetting that the years of the great housing boom is a thing of the past.
Using their expertise, MRED members gave their opinions about the tough housing market for the upcoming year and offer recommendations to Realtors and brokers.
“Now is the time for buyers to really look at picking up some rental investment properties,” said Anthony Trotto, attorney and managing broker of Anthony J. Trotto Real Estate.
Trotto also warns Realtors to not be too optimistic as they may be disappointed.
“For those who continue to operate under the premise the housing boom is coming back and home prices are going to sky-rocket again, this year will not be good at all,” Trotto said.
Tom Guttilla, owner of Coldwell Banker Today’s Realtors believes that the housing market will improve slowly this year.
“Rates will stay at historic lows and sales volume is improving but is still at lower levels,” said Guttilla. “This, combined with the pent up demand from the last few years, should ensure future sales increases and improving values, but the latter only after inventories are diminished.”
Guttilla’s advice for real estate agents is to make the best use of technology to market their listings, as it is more efficient and cheaper.
Jim Haisler, chief executive officer of the McHenry County Association of Realtors and Trotto both recommend agents to stay educated and well informed about the changes in the market.
“I think signs are showing improvement but the foreclosures will continue throughout the year, even at a slower pace, which will keep prices low,” said Haisler.
Russ Bergeron, chief Executive Officer of MRED, holds the same optimism as others in the business.
“I agree that we have reason to be cautiously optimistic. As we move forward and see the signs of an economy and real estate industry that are turning the corner, we all need to be prepared to take advantage of the ’new normal’ market.
Real estate professionals should still look forward to this year, according to MRED members, as “2012 will be a year of improvement and the start towards better things to come.”
“We share a guarded optimism about real estate in general and our local markets in particular,” added Bergeron.