BrokerageIndustry News

Perspectives on a ‘better’ real estate market

Housing recovery may not bring a sales spike

NEW YORK -- When the real estate market improves has a lot to do with your perspective on the market, said Alex Perriello, president and CEO for Realogy Franchise Group, during a panel presentation Thursday at the Real Estate Connect conference. "Oftentimes I'm asked, 'When's the market going to get better?' It all depends on how you define the word 'better,' " Perriello said during a panel presentation titled "The State of Real Estate: The Year Ahead." "If you define 'better' as 'When will I not have to deal with foreclosures, short sales, underwater homes, people with damaged credit, (problems with appraisals), tough lending standards?' the answer to that is 'No time soon' -- at least for the next two or three years, and in some places, depending on where you live, it could be much longer than that." He added, "If you define 'better' as 'When am I going to make more money in this business?' he noted that even if real estate sales fall to...