You probably joined us in welcoming the New Year and ushering last year to the door. First time we have stayed up for ringing in the new year in sometime. But we were so glad to move on, we made the commitment, went partying. Probably among the best two or three New Years we have celebrated.
Your wondering why the excitement. The general consensus amoung economists is that 2011 will not be the long-awaited recovery year for real estate. Nor will the economy climb into a sustainable recovery. Yet these generalizations also may not be that meaningful. The jobs market is striking a small spark of hope, the Pending Home Sales Index is confirming a likely advance in sales volume in the relatively short term and interest rates are very desirable even though slight ticks up have been noted by me previously.
This all points to a continuing yet gradual recover in real estate. Lake Tahoe having not been terribly troubled with foreclosures, still is effected by them in other markets. The media keeps telling us the worst is yet to come. So as recoveries go, foreclosures will likely slow the return and could even turn more acidic, becoming more of a legal contest between owners, banks, investors and the federal government than is currently the situation. It is impossible to predict the direction this foreclosure situation will take.
Yet there is hope. Those of us who have survived in a slow real estate market over the past two or three years have learned a new business model. A new set of rules to work by. We too will be the ones who are rewarded for our past flexibility, our past tenacity and our new found knowledge as the market slowly grows. We hope that the real estate market brings surprises and opportunities, that buyers and sellers also take these opportunities and make rewards from them.
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