"I think the industry is springing back to life. It's been terrible for the last three years. No activity at all," Bruce Alexander with Vectra Bank said.
Alexander said the hottest market right now is the apartment market. "You know, as people couldn't get into homes, they started moving into apartments. So, vacancy rates at a 13-year low. Rents are starting to move up which means we're going to start seeing a lot more construction of new apartments," Alexander said.
According to Alexander, the numbers for new apartment construction are aggressive.
"There's actually 7,500 new apartment units under construction right now and 19,000 planned. That's the highest in 20 years. I hope we don't build all those, because then we'd have another problem," Alexander said.
While he's not a real estate agent, Alexander says it's a good time to buy a home.
"Interest rates continue to be at an all-time low. They'll probably be at an all-time low for a period of time. But the most interesting thing right now is that there's very little housing supply on the market. Only three months supply of new homes are available today. Which means that home prices are starting to move up. And so if you want to buy a home, it's probably a good time to do it now," Alexander said.
When the real estate market does well, Alexander said it's a win-win for everyone.
"What happens is you see more construction workers going back to work, you see architects and landscape architects. As the economy picks up on the real estate side, all of these jobs start to pick up which helps everyone throughout the entire economy," Alexander said.
(KUSA-TV © 2012 Multimedia Holdings Corporation)