I think we are poised for an early Spring buying season for real estate in 2010. Several factors come together to make this possible.
- Real Estate prices have dropped like a rock. Some areas have dropped 40 to 50% or more. The clearance sale is on!
- The federal homebuyer tax credit will expire on transactions that do not have an accepted contract by April 30, 2010.
- Interest Rates remain very low...30 year fixed rates in the 4's.
- Changes in regulations could create fear of change for those looking to buy homes in the next year. There is even talk of elimination of FNMA and FHLMC.
- There has got to be significant pent up demand. We have had very sluggish home sales for the last two years. People need a home to live in and they won't remain renters forever.
All of this adds up to robust real estate sales for February, March, and April. The clearance sale is on...don't let it pass you by.
10220 SW Greenburg Road, Suite 250
Portland, OR 97223