Well it’s a new year and a new set of resolutions that are the same as my 2009 resolutions. Loose 10 pounds, sell a half million dollars worth of real estate a month and show all the people important in my life that I love them. It’s ditto on the resolutions and ditto on the direction of real estate from 09 to 2010.
As we start the new year interest rates are fabulous, there has never been a better time to buy a home. That is especially true if you qualify for the $8,000 tax credit.
On the other hand several major problems still exist and my persist throughout the new year.
The first problem is consumer confidence. We are herding animals that run in packs, sometimes right off a cliff. There is a lot of fear and uncertainties and people are holding off on large purchases.
Second problem is over supply making it difficult to sell a property in order to buy another one. From 2000 to 2006 lots of people from Florida and California were moving to Tennessee. When their markets crashed, the greater Nashville market was affected. Also move up local buyers wanting to take advantage of a great buy can’t sell their current home quick enough to make it happen.
The third problem is banking and foreclosures. Foreclosures have hurt everyone’s values and banks have reacted by making lending guidelines much more stringent.
Well before you jump out the window or slit your wrist, take heart. 2010 may be challenging, however properties will be sold, inventories will be reduced,consumer confidence will increase. And the best news is anyone who owns a home they hold for a reasonable period of time always has a great investment.
And just remember your home is an investment that keeps the rain off your head and is the store house of your best family memories.
Have a great 2010!
No comments:
Post a Comment