A number of housing experts anticipate there to be an upswing in activity throughout the industry during the course of 2012. However, as the economy improves at a sluggish pace, creating more safety and soundness for consumers, many of these potential buyers may be hesitant to make major investments, such as purchasing property, MarketWatch reports.
According to the news source, even if there are gains in the home sales rate and property values, they will likely be minimal and at a slow pace.
"Expect the market to improve in the spring, but in baby steps," one expert told MarketWatch. "It's still getting off the crutches and learning to walk again and that process is going to take a good two to three years before the market is on firm footing."
There has been a recent improvement in buyer confidence, but this strengthening sentiment may not necessarily translate into more home sales, as some Americans may not have the available cash to buy property. However, during the first two months of 2012, the pace of existing-home sales reached the highest level recorded in nearly five years. While this is a notable statistic, the rate was still well below where it was at the housing market's peak.