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‘Nirvana’ for Housing, Expert Says

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Image of West 14th Street, Manhattan, New York. 'Nirvana' for Housing Market? (Photo by Bruno J. Navarro)

‘Nirvana’ for Housing Market, Expert Says (Photo by Bruno J. Navarro)

NEW YORK — Scarce inventory, low interest rates and improved consumer confidence are making the current real estate market one of the strongest in at least a generation, one industry expert said Thursday.

“I think we’re in nirvana for housing,” said Ivy Zelman, chief executive officer of Zelman & Associates, told CNBC.

Zelman, who has 22 years of experience, accurately called the 2005 high in the real estate market, as well as the 2012 low.

“I think that I have to tell you, I’m probably the most bullish I’ve ever been fundamentally, and I’m dating myself, been around for over 20 years, so I’ve seen a lot of ups and downs,” she said.

Zelman also honed in on a curious practice increasingly common in the New York real estate market.

“I’ll tell you, there are Realtors blanketing neighborhoods, asking people to sell their homes,” she said.

Housing prices are poised to continue rising for the next four to six years, she added.

“Where the inventories in the United States are right now is a significant constraint. We have 30-year low inventories,” Zelman said. “Mortgage financing is by far the best it’s ever been in the history of our country. Rent inflation is making people reconsider going out and considering buying.”

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Written by Bruno

2013.03.07 at 18:23

Posted in Uncategorized

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