Hi Everyone. Well, I hope that 2010 is going to be better for all of us that 2009.
The housing market is predicted to improve in 2010 as both new construction and existing home sales are forecasted to experience double-digit gains, according to a report by Fannie Mae.
Many factors are contributing to the predicted turnaround, including:
Attractive interest rates
Extended/expanded homebuyer tax credits
Low home prices
How Much Will The Housing Market Improve?
the report forecasts that the housing market of existing home sales will rise by 10% in 2010. This year, there was a 3.1% gain.
This increase in the housing market for new homes means that new residential contruction is expected to increase 35 percent in 2010. New home construction dropped 38 percent in 2009.
How Has The Housing Market Been Recently?
The housing market rebounded at the end of 2009, as most markets have experienced rising home sales and declining home inventories.
Hoebuyer tax credits and low martgage rates contributed to this end of the year housing market spark. In addition, home prices are still great deals, but are starting to stabilize.
November was an especially positive month for sales of existing homes, which increased 7.4 % to the highest level in 3 years.
October was also a good month for the housing market, as existing home sales rose 10.1%, while new home sales gained 6.2%
Home prices are in the early stages of stabilizing, and with the expansion of the tax credit to additional buyers through the middle of the year, home prices should rise between 3 & 5% in 2010.
Forty-two percent of Americans believe the country is back on the right track, more than double the number last year (16 percent)
Lets make 2010 a great year. Together, we can find you that perfect home and help you sell the one you’re in now.