Most real estate experts share an optimistic view about the residential real estate market in 2012. Lawrence Yun, the National Association of REALTORS’ chief economist, predicts that “very favorable affordability conditions will dominate next year…which will probably be the second best year on record dating back to 1970.”
Commercial real estate seems to be on a similarly positive path as residential real estate though some experts believe that a lack of construction in 2012 may cause demand to outpace supply in 2013, which makes 2012 a great time for investors to seek out commercial properties, especially here in Corpus Christ, Texas. Corpus Christi was recently ranked as a Top 10 Mid-Sized Investor Market by inman.com, and Corpus Christi’s popular South Side neighborhood has also been named a top 10 neighborhood to find foreclosure deals by the same website. This combination makes Corpus Christi an exceptionally attractive market for buyers.
Buyers should be advised, however, that despite interest rates remaining at all-time lows through mid-2013, lending institutions are being particularly cautious and are expected to continue to be highly selective throughout 2012. With little liquidity in the mortgage markets, buyers should be prepared to have more cash on hand than in times past. That being said, the market volatility of late may swing the pendulum back into positive numbers spurred on by reports in early 2012 of higher employment and retail profits as a result of the holidays. This could potentially result in increased cash flow from the mortgage companies.
The overall predictions for 2012 real estate appear to be rosy especially here in Corpus Christi. Contact Mirabal Montalvo to find out how to take advantage of the Corpus Christi real estate market in 2012.