Us set for significant housing recovery says coldwell banker chief

The United States should see “a significant recovery in the housing market” during 2012, Coldwell Banker Real Estate International chief executive officer Jim Gillespie told a conference this week in Louisiana.

As the leader of one of America's biggest real estate agency group, Gillespie said that even though many property firms should still be concerned about the national market because the “perception” of the US housing market is still “awful,” he could see first-time buyers and investors playing an increasingly big role this year.

In 2005, nearly 8 million renters in America could afford to buy a home he told the meeting, and today that number has more or less doubled to 16 million, creating a lot of pent-up demand. Also, 40% to 45% of homes sold are usually sold to first-time buyers in a normal market, today the figure is well below 40%.

"That's a potential that is powerful," Gillespie said. "If you're not out there canvassing apartments, you're making a mistake."

Source: OPP