Will 2009 be the year everyone wishes they had bought real estate?
Lawrence Yun, Chief Economist of the National Association of Realtors® recently said in REALTOR Magazine, “After four years of declines, home sales on a national basis finally appear to be turning around.” According to Yun, data suggests there has been a downward overcorrection of home prices. He goes on to say that as a result of this, markets “could experience a snap back in home prices, with price gains in the high single digits or low double digits, compared with historical annual price appreciation of 4 percent.”
Yun feels that complete economic recovery will take a while, due to a number of factors, not the least of which is high unemployment and record federal budget deficits pushing mortgage interest rates up somewhat, but he sees a fundamental change in consumers’ view of home values, noting “Buyers are no longer hesitant about home purchases on the fear of further price declines. And that sets the stage for a steady release of pent-up housing demand.”
Yes, indeed, many people who are slow to make the move may be wishing they’d bought real estate in 2009. Will you be among them?
Bob Dohn
Coldwell Banker Residential Brokerage
140-A S. Roselle Rd., Schaumbug, IL 60193
Bob@BobDohn.com
www.BobDohn.com
Direct Phone: 847-301-3126
Yun feels that complete economic recovery will take a while, due to a number of factors, not the least of which is high unemployment and record federal budget deficits pushing mortgage interest rates up somewhat, but he sees a fundamental change in consumers’ view of home values, noting “Buyers are no longer hesitant about home purchases on the fear of further price declines. And that sets the stage for a steady release of pent-up housing demand.”
Yes, indeed, many people who are slow to make the move may be wishing they’d bought real estate in 2009. Will you be among them?
Bob Dohn
Coldwell Banker Residential Brokerage
140-A S. Roselle Rd., Schaumbug, IL 60193
Bob@BobDohn.com
www.BobDohn.com
Direct Phone: 847-301-3126
Comments