What to Expect in Real Estate in 2009

While no one has a crystal ball that they can magically gaze into and declare with absolute certainty that 2009 will be the comeback of the real estate market, there has been some positive news that deserves attention.  Thanks to the aggressive tactics the US government has taken to keep interest rates at a 50-year low (hovering around 5% and sometimes lower for 30-year fixed rate loans and even lower for 15-year loans), veteran financial analysts, such as Richard Bove with Ladenburg Thomas, believe that the current real estate market is on an upswing and looks to be continuing such into 2009.  When you add in the stimulus package in the works from the new administration, it appears that housing prices will begin to stabilize and may even begin to rise slowly in 2009.  More signs of a possible real estate turnaround in 2009 are that there has been an extreme increase in mortgage applications (both for refinancing and homebuyers taking advantage of the more affordable prices in the market), we are all paying lower prices at the pump, for retail goods and even for new automobiles and the national savings rate in America has increased, even in these unsteady financial times.  Bottom line is that there are plenty of positive signs in the real estate market to indicate that it is beginning to stabilize.  If you're looking to buy an Amarillo home, get in touch with me and I'll point you in the right direction.