Is the Real Estate Market Improving?
Because we work with real estate professionals across the nation and because our business is highly affected by the real estate market as well, we have first-hand insight into the local markets all over the country.
Many companies closed and seasoned professionals began to retire during 2009 and 2010, but we have seen many of our clients grow in 2011 and 2012. Home prices are rising continuously and with it, total gross commission income and sales volumes are also going up.
While this is good news and a positive sign, new challenges present themselves. Short-sales and foreclosures dominated the real estate market for a while (and in many areas still do) and with that new rules and requirements shifted the way real estate professionals work with clients and mortgage companies – affecting their E&O Insurance needs.
In addition, stringent lending requirements make borrowing seemingly impossible for many buyers. This along with a shortage of inventory in many areas is “all the buzz” among real estate professionals from various local markets.
In short, yes – the market is improving, but we must continue to stay abreast of changes and requirements that help our clients and us work in this still-challenging real estate market.