10 Things to Know about Real Estate in 2010 - An article by Jake Mullins, US News and World Report, December 29, 2009
http://bit.ly/6DMwyL
This is a very good overview article and in my opinion there are three keys points that should be emphasized:
1. Housing Markets – without a question, the national trends may not be reflected in each local housing market. California has always been the bell weather state for national real estate trends but today – local markets will be affected by local events more than ever before. You need to become an expert on your local market trends and not use national statistics to guide your decisions.
2. Jobs – employment opportunities, business expansion, and job creation at the local level will be the driving force behind an upward trend in home buying – locally. Until there is a strong reversal in the unemployment rate, low local consumer confidence will curb home buying and keep inventories at a high level.
3. Mortgage Rates – this is extremely important to watch – nationally. There will be a delicate balance in raising interest rates and maintaining economic growth-even small steps. Mortgage rates will be increased and this will shut out some first time homebuyers at certain price points. Watch the Fed actions in early 2010.
The first quarter of 2010 will be the best time for a first time home buyer to buy a home. The stars are aligned! Do not pass up this opportunity in time. If your plans are to stay where you are for the foreseeable future, buy!
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1 comment:
David, this is a great article. Thanks for posting. These are definitely the three major factors affecting the real estate trends.
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