Once the fallout from the mortgage mess settles down, we will be able to think clearly about the current and future reality of the housing market.
It is my belief that the demand for homes is increasing, in spite of the current glut of unsold homes on the market and the bad news we read in our local papers and hear on TV.
There are a few reasons for this belief.
First, baby boomers are impacting the search for second homes in many parts of the country, and in different markets. City center or downtown area homes are of particular interest to boomers, especially when these areas provide avariety of cultural attractions, like museums, concert halls, movies or shopping which boomers can easily access, either by foot or by using public transportation.
Second, single women are a new and growing niche of the marketplace, purchasing homes before they marry or after they divorce. This is a trend that will continue to accelerate.
Third, many members of ethnic groups that heretofore did seek to own their own homes now are looking for and willing to pay for their share of the American dream. And, because they are hard working and hard saving people, they make excellent clients.
Finally, in spite of everything that is wrong with the economy now, mortgage rates continue to stay affordable.
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