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EconomicsDespite the doom and gloom: The real estate market will remain healthy
Austin Jaffe, Ph.D. at the PAR Business Meetings. (Photo credit: Stuart Leask)
The housing market is showing signs of recovery but Pennsylvanians may not find homes appreciating as they had been during the boon of the real estate industry.
“The market is picking up and it’s looking better than it had been in the past two-and-a-half years,” said Pennsylvania Association of REALTORS® (PAR) consulting economist, Dr. Austin Jaffe.
Included in Jaffe’s seminar Ten Rules to Live By and the New Real Estate Market, Jaffe told PAR members during the September business meetings on Monday that there are some new principles for the changing market but there is some good news.
“The real estate business will live on and prosper in this new world since households will continue to spend large portions of their budgets on housing services,” said Jaffe.
Jaffe does strongly believe that housing will remain a major industry in the U.S.
“Over time nominal real estate prices will not likely change much but there will be an active housing market for both new and existing stock,” Jaffe said.
The September business meetings conclude with the PAR board of directors meeting on Wednesday.
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Samantha Elliott Krepps was the Communications & Media Relations Manager at the Pennsylvania Association of Realtors®. |
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