This is the most important factor that affects real estate demand and subsequent house value.
Stamford, Connecticut (PRWEB) May 24, 2012
William Pitt Sotheby’s International Realty along with partner firms Julia B. Fee Sotheby’s International Realty and Litchfield Hills Sotheby’s International Realty recently released the first in a new series of webisodes, titled “Supply and Demand”, designed as an educational resource for consumers on macro trends which affect local real estate markets and point to future indicators. The announcement was made by President and CEO Paul Breunich, who narrates the video series with the goal of providing consumers concise information that will help them in evaluating their current real estate holdings and future plans.
Focusing on the subject of consumer confidence in this webisode, Mr. Breunich notes, “This is the most important factor that affects real estate demand and subsequent house value.” He illustrates this by comparing the sharp increase in consumer confidence over the last two months of 2011 with the corresponding increase in pending real estate sales in Fairfield County and Westchester County, which were up 14 and 11 percent, respectively, in the fourth quarter of 2011 over the same period in 2010.
To explain the use of consumer confidence as a predictor for the economy, Mr. Breunich discusses three major factors that affect it – the national gross domestic product, unemployment rates, and home mortgage rates – and examines the overall trends in each.
With GDP showing growth for ten straight quarters, unemployment rates trending down, and mortgage rates remaining at historic lows, all three factors are showing clear positive signs. Although “wildcard” factors remain, such as the recent credit downgrade of several European countries, these trends give reason for cautious optimism about the future of the nation’s economy, which is welcome news after the turbulence of the past three and a-half years.
Mr. Breunich notes these developments as reflected in the local real estate markets, where home prices have stabilized, demand is starting to increase, and low mortgage rates continue to provide unprecedented affordability – all boding well for the market outlook.
The “Supply and Demand” webisode produced by William Pitt Sotheby’s International Realty can be viewed on the exclusive custom video channel of the firm’s websites - williampitt.com, juliabfee.com and litchfieldhillssir.com - a comprehensive video resource also featuring community tours, luxury property tours, agent profiles, and more.
Produced on a quarterly basis, the webisode series will report on the latest real estate market trends, and will cover different topics on macro trends affecting the markets. Additional detailed information about the local real estate market is provided in the current issue of the Real Estate Market Watch, also available on the websites.
About William Pitt Sotheby’s International Realty
Founded in 1949, William Pitt Sotheby’s International Realty manages a $2.5-billion-plus portfolio with more than 1,000 sales associates in over 30 brokerages spanning Connecticut and Westchester County, New York. William Pitt Sotheby’s International Realty, combined with partner firms Julia B. Fee Sotheby’s International Realty and Litchfield Hills Sotheby’s International Realty, is now the largest Sotheby’s International Realty® affiliate globally, the third-fastest-growing real estate company nationally, and the 23rd-largest real estate company by sales volume in the United States. Julia B. Fee Sotheby’s International Realty serves the luxury home market throughout Westchester County, New York; and Litchfield Hills Sotheby’s International Realty serves the luxury home market throughout Litchfield County, Connecticut. A full-service real estate firm headquartered in Stamford, Connecticut, William Pitt Sotheby’s International Realty provides ancillary services including commercial services through its affiliation with Building and Land Technology, a second-generation development company based in Stamford, Connecticut; William Pitt Mortgage, a Wells Fargo mortgage affiliate; William Pitt Insurance Services; and an award-winning global relocation division. For more information, visit the website at http://www.williampitt.com.
Sotheby’s International Realty’s worldwide network includes more than 12,000 sales associates located in 600 offices throughout the United States and 46 other countries and territories.