I found this old BLOG post that I had totally forgot about from my first attempt at establishing a BLOG. See how you think I fared in my predictions...is that how to spell fared?
Friday, January 13, 2006
2006 What Will This Year Hold?
I will ask you and others to tell me your opinion on what this year will hold for Real Estate in Lexington or anywhere for that matter. I will get other in the field to coment also.
My Opinion: Prices will cool off slightly, homes will be on the market a little longer than the last few years as fewer buyers are in the market thanks to media over hyping the bubble and owners will all try to sell to realize some of the gains of the past couple of years before it pops. Which equals more homes on the market and more choices for the buyers. Appreciation will return to normal and there will be more move up buyers this year as they now realize they can afford to own a home, and not as many first time buyers as interest rates will rise slightly and be volitile throughout 2006. New construction will continue to be in demand but builders will not be able to get any price they want this year as they have in the past, existing home owners will remodel to make their homes more attractive and adding pressure to new homes, this leveling prices. The growing market is retiring baby boomers who are looking for the older home, with modern ammenities, not the new homes that younger buyers have demanded the past couple of years. Quality will be the name of the game I think for the next few years and forward. I look for a slight rise in foreclosures, more "investor" buyers for rental property, and there are way too many condo projects currently to support that recent boom, so I think they will cool this year if they ever really took off to begin with. The area I think will be the next big opportunity, well you'll have to help me on that what do you think?
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