Spring and the Marketplace – What’s Different this Year?

I’m looking at the Weekend Section of the newspaper. There is a lot of information about the latest market conditions, news beyond the bust, and interests in the “home” trending upward. There is a resurgence of advertisement, upbeat statistics, and the pleasing optimism that aligns itself with improving real estate conditions. It is the blush of spring, where new homes for sale honestly reflects the time of year when fresh and new is sincere and hopeful. It is distinctly different than what we have been experiencing over the last several years, and it is notable. None of this can happen without the eager participation of buyers and sellers! Open house dates are spinning with activity, full of sincere purchasers looking at the “home” as something more than just an investment. They are remembering that homeownership is about choosing a lifestyle, as well as a standard of living, that suits one’s particular needs. It is the notion that “location, price and condition” are more than simply buzz-words and market hype, and that people really want to live where it matters most to them.

The relevance of investors doesn’t adequately describe the true nature of their contribution to the marketplace. The National Association of Realtors (NAR) reported that 27 percent of all real estate transactions in 2011 were for the purchase of an investment property, and that 11 percent of all real estate transactions last year were second home purchases. A significant portion of these transactions were paid for with cash, which further supports the idea that many buyers are investing in a lifestyle, and not just their bottom line.

There is no doubt a science to real estate, but it doesn’t overshadow the complementary feelings and emotions that go into buying and selling homes. People know this, and it is eminently apparent that we are currently enjoying a little more of the latter during this rather delightful time of year. This is of course the notable difference from recent past years in real estate. Let’s choose to keep looking forward; because after all that’s where the future is – for all of us!

John VanderSyde is an Associate Broker, RREALTOR, with Virginia Properties in Richmond, VA