New York, New York (PRWEB) January 08, 2013
Since the recent housing bubble burst, a buyer’s market has been established in the real estate market. However, with slow and steady gains realized in 2012, a recent article from CNNMoney suggests that a mild turnaround could establish a seller’s market in 2013. While many home-sellers and real estate professionals will likely take advantage of this new climate, certain conditions may still prompt them to pause before making a deal. Neil Kozokoff, West Palm Beach real estate professional and President of the Parkland Companies, assesses these predictions and encourages buyers involved with property transactions to take these situations on a case-by-case basis.
The article cites Fiserv, a real estate research firm that has predicted “home prices are expected to rise a modest one percent from the fourth quarter of this year to the end of 2013.” Noting that “prices should increase 3.4 percent from the second quarter of 2013 to the second quarter of 2014.” David Stiff of Fiserv tells CNNMoney, “Housing is finally turning the corner. There is no reason to be fearful of further large price declines.” While the article suggests that buyers will no longer have control over the market, Neil Kozokoff explains that buyers should still take time to observe their own capabilities and to make decisions with caution.
As the article suggests, many prospective buyers who have been watching prices fall may finally come out of hiding as they realize prices are starting to stabilize. Although “The Mortgage Bankers Association forecasts that more and more house hunters will start coming off the sidelines, with new-home loans for purchases expected to jump 55 percent, based in dollars, in 2013,” Neil Kozokoff notes that it is important to note the factors that may impact buyers’ decisions. For instance, steady employment rates and strict lender regulations could cause prospective homeowners to take heed before diving into the market.
Noting that the shifts in the real estate market, although notable, are still relatively mild, Neil Kozokoff concludes, “As a buyer, I would not feel pressured to buy something for fear of missing the bottom of the market. Even 3.3 percent appreciation may be optimistic. Better to wait and buy when the time is right for you.”
Neil Kozokoff is the President of The Parkland Companies, a holding company specializing in property investment, development and management in the notable area of West Palm Beach, Florida. As a professional with a background in real estate law, Neil Kozokoff has had the market proficiency to expertly spearhead several projects in urban development. Neil Kozokoff’s background in the acquisition, operation and management of large apartment complexes recently led him to join Pensam Capital as a principal. At Pensam Capital, Kozokoff focuses on real estate deal structuring and capital formation.