Residential real estate collapsed in 2007 and became a buyer’s market. But last year the real estate market began to turn around. According to the New York Times, “Last year will probably go down as the year that residential real estate prices hit bottom and began to rise after the collapse that began in 2007.”

According to most experts and economists, real estate is still a buyer’s market but is in recovery mode. Optimism is finally returning to the housing market, but we want to hear from our network on their own predictions for the real estate market in 2013.

Why We’re Asking:

The real estate market reflects how the economy is doing. When more people are buying homes, it means jobs and families are growing. In turn, it helps promote more jobs related to home services and home improvement. The impact of the housing market on our economy is incredibly significant so we want to know what is projected for the year ahead of us. Even more, we wonder how real estate law is affected by the state of the market. For example, if a home is repossessed during the recession, is its valued based on the recession or prior to the recession at a higher value?

We’re looking to our network for their projections for 2013:

What is your real estate forecast for 2013?

Will 2013 be a buyer’s market? A good year to sell?

Which parts of the country will see the most recovery/growth?

Does the current state of the economy affect the home’s value moving forward? Are there any laws regulating original value of home versus the recession value, when a home is repossessed?

We look forward to learning about real estate predictions for 2013. Check back next week to see what they have to say!

Post your answers in the comment field below!