A New Decade in Real Estate
It’s hard to believe we are beginning a new decade. On the news they stated that the proper way of saying 2010 is twenty ten. It does not seem so far away that everyone was talking about Y2K. Well we made it through Y2K, so lets begin the new decade. Now lets see what is the outlook for real estate in 2010?
A great thing about real estate is that there are always people who need to or want to sell their homes. Also, there are always people who want or need to buy a home. The good news according to most economists 2010 should be a little better than 2009.
Pricing is expected to remain fairly flat due to the challenges of
foreclosures and
short sales.
Housing Tax Credits for first time buyer and move-up buyers will help fuel unit sales in the first part of the year.
The question is where does this leave buyers and sellers? Since we believewe are at the bottom of the market this creates a buyers market. A definition of a buyers market is that the market favors buyers more than sellers. However, sellers looking to re-purchase can often fair very well. Right now there are many opportunities for buyers looking to expand their real estate holdings. In addition, second/vacation homes are a real bargain and the tax credit will helping activity.
Many experts believe that the commercial real estate market will continue to erode in 2010. They also believe that 2010 will be the year of the
Short Sale. I’ll talk more about that in my February blog.
Until then, please consider me your resource for real estate. If you or any friends have any real estate questions, I am here to help.
Here's to starting an exciting new decade!
Diane Raynor Aune, CRS
Associate Broker
Coldwell Banker Residential Brokerage
520-977-0226
