“The economy is so bad that ..
I got a pre-declined credit card in the mail.
I ordered a burger at McDonald’s and the kid behind the counter asked, “Can you afford fries with that?”
CEO’s are now playing miniature golf.
If the bank returns your check marked “Insufficient Funds,” you call them and ask if they meant you or them.
Hot Wheels and Matchbox stocks are trading higher than GM.
McDonald’s is selling the 1/4 ouncer.
Parents in Beverly Hills fired their nannies and learned their children’s names.
A truckload of Americans was caught sneaking into Mexico .
Dick Cheney took his stockbroker hunting.
Motel Six won’t leave the light on anymore.
The Mafia is laying off judges.
Exxon-Mobil laid off 25 Congressmen.
Congress says they are looking into this Bernard Madoff scandal. Oh Great!! The guy who made $50 Billion disappear is being investigated by the people who made $1.5 Trillion disappear!
I was so depressed last night thinking about the economy, wars, jobs, my savings, Social Security, retirement funds, etc., I called the Suicide Lifeline. I got a call center in Pakistan , and when I told them I was suicidal, they got all excited, and asked if I could drive a truck.”
Well, with all we’ve been through…we all need a good laugh, right? As we head into 2010, we do have other reasons to put a smile on our face, and even though our recovery may be slow, it is substantially better than it was last year, even here in Michigan where for the 1st time since 2001 we actually dipped below 10 million people in our state, one of only 3 states who have lost population, and #1 on that short list, but lets not forget about the good news, and that is: the long range projections are, that our population will eventually rebound and we are likely to double in the next couple decades. We will all benefit from the needs of this population growth as businesses of all types will be established, to service the needs of these people.
NAR Chief Economist Lawrence Yun noted recently that after 3 years of price declines, “…There are some signs that in some markets we may have stabilization by mid-year.” Yun said, and although the huge surge in home sales in October and November of last year, due to the proposed end of the First Time Home Buyer’s Tax Credit tapered off in December, I believe we may see a similar spike coming as we approach the end to the extension and expansion of these tax credits, which require properties to be “under contract” by April 30th to take advantage of these credits. This will be especially important to “move-up buyers”, who will be trying to take advantage of the new $6500 tax credit for those who sell their primary residence and buy a new one in the same time frame mentioned above. (contact your REALTOR or tax preparer for more details)
Mr. Yun also projected that mortgage rates which have been historically low recently, are expected to rise slightly, by spring, maybe to around 5.5%, which it appears, is already happening. This may also help our recovery in the housing market as home buyers try to take advantage of these attractive interest rates before they climb any higher.
Although selling a home in this market may offer some challenges, and you may not get as much as you had hoped for, 2010 should continue to be a phenomenal time to buy, and with good counsel from a qualified Realtor, you should have a very good chance of coming out on top in the real estate market this year. As for you first time home buyer’s…what are you waiting for? There may never be a better time to buy your first home, and with the tax credit and low interest rates, very little reason not to take advantage.
Have a great week and…keep smiling!