This is welcome news to any real estate market watcher, pundit, talk head, investor, homeowners, and to all Americans.
After all, real estate is valuable when there is an end user, not where there is only renting, flipping, and speculation.
And it appears that finally, the end user is back in action.
First-time buyers accounted for 35% of purchases in April, up from 33% in March and near April 2011′s level. All-cash sales decreased to 29% of transactions, from 32% in March. Investors accounted for 20% of sales, nearly the same as in March and in April 2011.
That is certainly welcome news, but how good does it get?
A return of normal homebuying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said in a press release. “The general downtrend in both listed and shadow inventory has shifted from a buyers market to one that is much more balanced, but in some areas it has become a sellers market.”
Places have become sellers markets? That means certain cities have been in a recovery for much longer than people think and that is because they only view real estate on a national level. But didn’t some one once say that “All real estate is local” ?