2011 will be a year of change, that's for sure, but the market overall is looking much more stable and consistent than that of the last couple years. The nation as a whole has been knocked around by the great recession and we are seeing the after effects from the most severe economic downturn in decades. That being said, this year will be one of more stability whereas last year was a tumultuous rollercoaster, not only for real estate, but for the greater economy as a whole.
I would love to say that this year will be the break out recovery year that everyone is hoping for, but the fundamentals point to the contrary. Depending on how you measure, there are anywhere from 15-25 Million people that are unemployed. There are 7+ Million households in some form of financial trouble and facing the possibility of foreclosure. Depending on how you measure, we are running a 14-55 TRILLION dollar deficit and we are creating money like crazy and buying back our own debt to gloss things over until things get better - it's crazy. Notwithstanding the societal, environmental, and geopolitical issues that are impossible to ignore, you could basically say that we are living in the most fluctuating, fast-paced and most exciting time to be alive in human history. I would argue that never before in the history of our species has a single generation had the ability to enact such immense change both presently and well into the future. It's safe to say that there is a lot going on in our world, and so much so that you need to rely on your trusted advisors more than ever, so I am pleased to be able to provide you with the best information and best service possible for all of your real estate needs.
Of the several negative issues mentioned above, there are an equal amount of positive developments that are occurring as well when it comes to local real estate. The last couple years have been difficult, but we are all doing our best to make our way through these challenging times. The three biggest barriers preventing a full-blown economic recovery are high unemployment, excess inventory, and people's negative perception of the real estate market, in general. Ill addresses each of these separately.
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