• Click Here to Subscribe to Email updates

  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
  • RSS Colonial Williamsburg News

    • Celebrate the Everard House’s Tercentennial!
      What do an eighteenth-century invoice, a circus lion, a boat etched on a window pane, wallpaper fragments, dendrochronology samples, and a 1952 Antiques Forum program have in common? They are all pieces of the remarkable history of the Thomas Everard House that are part of Colonial Williamsburg’s museum and library collections. 2018 marks a significant...Rea […]
    • A More Accurate Look for the Governor’s Palace Arms Display
      Visitors to Colonial Williamsburg may think that our work to preserve Virginia’s 18th-century capital means that the place never changes. Every day, however, we strive to learn more about the past and build on the work of our predecessors to represent the city as accurately as possible. We work from a historical record that is...Read More »
    • As 2017 Comes to a Close, We Need Your Help!
      Courage. Independence. Liberty. These enduring values have been a part of our Nation’s story since the first stirrings of revolution. Here in Williamsburg, the importance—both past and present—of those values comes to life. From the bold actions of the patriots who began a revolution to the intimate details of daily life in 18th-century America, our...Read M […]
    • ‘Tis the Season: An Un-Colonial Christmas
      For me, Christmas this year started in March. I know. I am one of those people who does not decorate until AFTER Thanksgiving. But there I was being tasked with creating a new show for our evening programs at Christmas. And I was excited! I love the holiday season in Colonial Williamsburg; the history that...Read More »
    • This Giving Tuesday, We Need Your Help!
      Giving Tuesday is a time to celebrate and encourage the joy of giving back to nonprofits that matter—and the Colonial Williamsburg Foundation needs your help! With your support, Colonial Williamsburg will continue to: Preserve buildings, landscapes, trades, and skills that were critical at the time of Revolution Engage history lovers of all ages by bringing. […]
  • Flickr Photos

  • Advertisements

The worst is over for the U.S. housing market

imageThe worst is over for the U.S. housing market. After six years of declining sales and falling prices that wiped $7 trillion from the value of housing assets, a turning point has been reached.

The housing recovery will come in two phases. First, home prices will rise by just under 1 percent in the second half of 2012. In 2013, prices will rise by 1.5 percent, then go up another 2.5 percent in 2014. For the second phase, home prices will increase 3 to 3.5 percent between 2015 and 2017. These are the predictions from a report released by the Demand Institute, which is jointly operated by The Conference Board and Nielsen. The Demand Institute sees average prices rising by up to 1 percent in the second half of 2012 (in seasonally adjusted terms), marking the start of a housing recovery.

Currently, 11 percent of homeowners say they would like to sell their home but their home is not on the market. The commonest reason cited, by half of these homeowners, is that they would not be able to get the price they want.12 We predict that once price growth has risen to the 3 percent forecast for 2015, these homeowners will start to return to the market and the volume of sales of existing homes will increase. Given that homeowners are voluntarily holding back today, they will re-enter the market cautiously and in an orderly fashion, and the potential likelihood of a flood of inventory that could reverse price increases will be avoided.

The recovery will be led by demand from buyers for rental properties, rather than, as in previous cycles, demand from buyers acquiring properties for themselves. More than 50 percent of those planning to move in the next two years say they intend to rent.

  • Rental demand will help to clear the huge oversupply of existing homes for sale. In 2011, some 14 percent of all housing units were vacant, while almost 13 percent of mortgages were in foreclosure or delinquent—increases of 12 and 129 percent respectively over 2005 levels. It will take two to three years for this oversupply to be cleared, and at that point home ownership rates will rise and return to historical levels. More than 70 percent of those planning to move three to five years from now say they intend to purchase their home.
  • The housing market recovery will not be uniform across the country. Some states will see annual price gains of 5 percent or more. Others will not recover for many years. The deciding factors will include the level of foreclosed inventory and rates of unemployment.
  • Despite the number of Americans who have been hurt financially by the housing crash, the desire to own a home remains strong. We do not expect to see a long-term drop in ownership rates. Indeed, one survey has revealed that more than 80 percent of Americans recently thought buying a home remained the best long-term investment they could make.

Read the entire report here


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: