For REALTORS®, the market challenges are substantial but potentially rewarding: There is a strong housing demand, but bringing a transaction to conclusion will involve bringing financial, product selection and market response capabilities together in a credible package.
There is a statement that a rising tide raises all boats. In the case of the housing market, that statement will continue to be true to a significant degree. However, the “housing boat” will rise faster in those areas where jobs are added in substantial numbers, and slower in areas that are job constrained.
Lawrence Yun is the chief economist for the NATIONAL ASSOCIATION of REALTORS®. For more information, please visit www.realtors.org.