Citing 40-year low interest rates and prices depressed more so than at any time since the Great Depression, real estate is on the rise in a still somewhat vapid economy, one positive sign that it might change for the better.
Ed Petras, CEO of the Keller-Williams office in Avon, says that the housing market crash that helped send the economy into a tailspin has now reversed and Realtors are now seeing a positive climate that they’ve never witnessed before and may never see again.
“I don’t think we’ll see the same market dynamics in our lifetime,” he said. “I came out of the home building world (to be a Realtor) and right now, they’re all ecstatic. They’re all very happy with their inventory levels. We’re seeing here in Avon, they’re starting to turn dirt and develop lots again. That’s a very good sign that there’s not an over supply of lots and it makes financial sense to invest in raw ground. All of that creates jobs, and that makes a snowball effect.”
Petras said for his office alone in 2012, the volume of transactions made was more than $24 million. He said that drastic of an increase helped balance out the bottom of when things were a little more lean. With that, he said the office hopes to hire about 40 more full- and part-time agents within the calendar year.
“We’ve come off the bottom in terms of pricing and we’re starting to see price increases again,” he said. “Now that it’s rebounding, it’s a little easier to step onto their next home. If you look at the bottom that happened a couple of years ago, that improves equity position as well.”
Petras said Hendricks County falls in line with the remainder of the country. The website Credit.com notes that of the 361 metropolitan areas nationwide, so far in January, 242 of them are seeing growth, up from 201 in December.