2010 -Where do we go from here?

I recently read an article by Pat Mertz Esswein on Kiplinger’s on “What’s ahead for home prices?” ( January 18, 2010).

 The article is very important for sellers to understand. The article talks about; that the housing market did catch its breath after struggling to recover from the most severe downturn in the housing market since the Great Depression. The first time home buyers tax credit and low mortgage rates lured buyers to make their move.  But the article continues to state that the correction is not over yet. Credit is still tight, unemployment is high and more foreclosures are coming. Even with the credit extension and expansion and an upward trend in sales home prices will continue to edge lower though next spring. The U.S. housing market will not begin to look healthy until at least 2011.

From the beginning of the downturn in mid-2006 to June 30, 2009 the median price  of an existing home nationwide fell 30% or 11% annualized. Between first and second quarter of 2009 there was a slight rise by 1.4%, the first such increas since 2006. Given that prices tend to stabilize about a year after sales begin to recover. Accordingly Fiserv (Lending Solutions) expects prices to bottom out in mid 2010. Its forecast is that the median home price will have fallen by 7.5% in 2009 and will drop an additional 9.2% to a level not seen since 2001.

With all this information the summary is simple. It is a great time to be a home buyer and seller who wants to sell must come in to reality about pricing thier home. The competition is fierce, there is a lot of inventory out there and as a seller you need to be the best home on the market. Price, Condition, Location, and Accessibility sells the home

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We look forward to working with both buyers and sellers of Real Estate in the Pike County Pennsylvania area. We hope that the information that you find on the Blog will be useful in your quest for information on the Selling or Buying of Real Estate.