Residential Real Estate Market Improvement Expected in 2007
Posted by Kelly Kinzer — November 5, 2006
Industry forecast, trends discussed at Real Living’s Real Estate Industry Summit
COLUMBUS, Ohio (Nov. 3, 2006) – The real estate industry is positioned to show improvement after the first of the year, Thomas Stevens, president of the National Association of Realtors, told network partners and managers from around the country who attended Real Living Inc.’s Real Estate Industry Summit on Tuesday.Stevens said statistics indicate the residential real estate market has been performing better in 2006 than previously portrayed. “Two thousand six will be the third best year in real estate history behind record years in 2004 and 2005. I think we’re going to see a good market in the spring,” Stevens predicted.Dr. Anthony Sanders, professor of finance at The Ohio State University’s Fisher College of Business, echoed Stevens’ comments. “Within two years, we should see 2 to 3 percent growth,” he said. “If the Fed lowers rates, housing will rebound in the first half of 2007.”In addition to residential real estate forecasts, participants also learned about the latest technology trends and their implications from real estate technology leaders, including Jeff Somers, director of partner relations for Zillow.com; Sami Inkinen, COO and co-founder of Trulia.com; Justin McCarthy, part of the strategic partner development team for Google; Phil Schulz, sales development manager for TurnHere; Eric Blumberg, president and founder of Smarter Agent; and Kristen Veraldi, founder of RealEstateBlogSites.com. Consumers in the future will have access to even more information than they do today, and in new formats that will enhance their online experience, the technology leaders agreed. “In terms of the consumer experience online, it will be very rich,” Inkinen said. Future technology innovations will lead to “a smarter consumer and a smarter agent,” McCarthy said.“As an agent-centric, consumer-focused company, it’s critical we understand consumer and industry trends,” said Harley E. Rouda Jr., Real Living chief executive officer and managing partner. “Our company learned first-hand what’s in store for our industry in the future and how we need to position ourselves to maintain our leadership position. The news we learned during the Summit was very encouraging and is a clear indication that if you are a buyer, there’s never been a better time to buy.”-more-Real Estate Market Improvement Expected Page 2About Real Living Inc.Real Living Inc., the fourth-largest real estate firm in the country, boasts nearly 4,000 agents and employees, $8.4 billion in annual sales and more than 130 offices nationwide. Real Living was awarded the 2005 Inman Innovator Award by Inman News, ranked No. 23 in Entrepreneur magazine’s Top 50 Best New Franchises and has won numerous awards for its marketing achievements. Every 14 minutes, Real Living sells a home. Each month, Real Living’s Web sites receive nearly 14 million page views. Real Living also offers a full range of affiliated business services, including home financing, title, corporate relocation management and home warranties. For more information about Real Living, visit www.RealLiving.com.