Recently, Kim Pontius, Executive Director of Traverse Area Association of Realtors sent a newsletter sharing information about the recovery of the home industry.
“Longtime TAAR member Paul Scott recently dropped a packet by my office from a Home Builders Association of Southeastern Michigan event he attended. The NAHB Chief Economist David Crowe, the counterpart of our own NAR’s Dr. Lawrence Yun, produced a PowerPoint postulating what the market was looking like going into 2014. He opened with five points.
1. Consumer is back
2. Pent-up demand waiting
3. Growing need for new construction
4. Distressed sales diminishing
5. Builders see it
“The PowerPoint contains nothing but charts and graphs which are interesting but clearly need the narrative to really reflect the message. Apparently that message Crowe concludes is that we are on The Long Road Back to Normal. This is something that we’ve been hearing at the NAR meetings since mid – 2012 but it is good to see it being echoed now in the halls of the homebuilders. …
“…. Now as we see the building industry recover, possibly at an accelerated rate, I believe we have a chance to begin with a new commitment using a systems thinking approach. If Crowe’s projections are correct, and I believe they are conservative, then we could see a great deal of real estate and building activity in our region for many years to come.”
The 2014 Northern Michigan housing outlook is promising; Northern Home & Cottage editors look forward to sharing clever designs, smart solutions and Northern Michigan’s own special way of living alongside our magnificent waterways; next to fruitful orchards, vineyards and farms; and among the woods and hills.
The full article is available on TAAR’s website.