What to expect in the market in 2010

By
Real Estate Broker/Owner with Resources Real Estate

 

What to expect in the market in 2010.

I saw the market pick up in the second half of 2009, and consumer confidence increase. In September we saw our luxury listings moving more quickly and with bidding situations occurring. Although prices will remain flat in many markets, we may see a slight increase in pricing in this area due to low supply of well priced homes. Buyers are most definitely value driven and are watching the market closely. Top areas, both resort and with easy access to major cities will be the first to recover, as indeed they were the last to fall. I believe we are cruising along the bottom, and although I believe there are still short sales and foreclosures in all price ranges still to occur, we have started to witness the end of the freefall and there will be more stability in housing for 2010.Sellers should be cautious not to jump for joy too high with their asking prices. Value pricing will be their best asset.

GREAT NEWS

New Jersey shows a 55% increase for October 2009 over October of 2008 in home sales. Interest rates remain low, homes are lower than they have been in years and there are bargains to be had.

Washington, December 01, 2009 Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

 

Q. Is it worth putting my house on the market now over the holidays, or should I just wait for the Spring?

A. I recommend going ahead for several reasons. We only know what the market is doing, not what might be coming. We know right now that we have the best interest rates in memory. We also know that buyers that are out looking over the various holidays are generally more motivated, and your property could be sold with less showings. Less inventory around this time can help with the price also, and all homes show better look better with pretty holiday decorating.

 

Carolynn Ozar-Diakon
Broker Owner

 

Comments (5)

Terri Onigkeit
Keller Williams of Northern Colorado - Fort Collins, CO
GRI

Thanks I agree, our homes are moving quickly if priced right.

Jan 09, 2010 02:42 AM
Craig Richardson
National Realty - McLean, VA

Carolynn, that's a good sign.  Things are moving again here in Northern Virginia as well.

Jan 09, 2010 02:47 AM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

Let's keep our fingers crossed....and pray!

Jan 09, 2010 03:06 AM
Sandy Wagner
RE/MAX Professionals 253.225.8322 - Gig Harbor, WA
Short Sale Specialist Tacoma, WA, and Gig Harbor,

Good post. I agree with everyone...let's hope things are getting better.

Jan 09, 2010 03:12 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Interesting that you saw an increase in action in the upper end property segment...that may just be starting in my area, but that, to me, is where the best deals are to be found.

Jan 09, 2010 03:26 AM