“New Normal” = “Normal” in the Real Estate Market

“Normal” is “now”.

Homeownership Rates - via Calculated Risk

  • Human settlement patterns (where people are living and working)
  • Gas prices
  • Expectation of permanence/transience
  • Interest rates
  • Property tax rates
  • Monetary supply
  • The internet’s availability and impact

Those are just a few of the ways that 1999 differs from 2011, and makes application of “normal” challenging.

Here’s something that hasn’t changed – people need homes. Buying a house is a choice, and one that comes with greater responsibility than renting – you’re accepting on the maintenance, the permanence, the mortgage, the community, the risk. If you’re not ready for those, don’t buy a house. If you’re ready to buy a home, do your due diligence and consider it.

Guest post by VAR member and Charlottesville Realtor® Jim Duncan. Originally posted at the Charlottesville real estate blog, RealCentralVA.com.

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