Recovery

There’s a well known real estate blogger in the mid west who wrote a post a week or so ago in which she disputed the use of the term “recovery” with regard to the real estate market. She really wasn’t being negative, it just doesn’t seem to fit with the reality of her market place. At one point she states

“There won’t be any recovery because recovery implies that it will get back to what it was and that can not happen.”

I think that’s a very interesting point. Is it true? Certainly, we’re not heading back into a market where large numbers of buyers are using zero down, sub prime loans to purchase homes. We aren’t going back to that era…I hope! I think in many parts of this country the devastation that was wrought in the last 5 years was incredibly potent. I’m sure it’s hard to see how it can be possible to become whole again. Clearly, there’s still plenty of folks under water and we have not reached a stage where everybody is in the black again around this area too.

The thing is though, we’re actually seeing homes sell in 2012 for all time high prices. I really think the idea of recovery is one that’s very real if you live in our area. When there’s multiple offers on just about everything it’s sort of hard not to think that recovery is more than just a novel idea. I was around before the big tech boom, during the dot-com early years and all through the meltdown years. This market feels as hot to me as any I’ve seen in 22 years. Maybe it’s not 2004…but it’s close. Maybe it’s not a recovered market but it’s a different and pretty healthy market if you ask me.

Speak Your Mind

*