The Forecast
With the end of the year approaching, here are some ‘forecasts’ for the real estate market for the upcoming year. Of course, like the weather, unpredictability is the key and it’s important to remember that.
According to Lawrence Yun from the National Association of Realtors, he expects that home prices will rise about 2.8% in the coming year. But then again, the NAR is very optimistic in their prediction.
Currently, housing prices continue to drop and this is great news for those looking to invest in the real estate market. The longer a house sits on the market and the more eager the owners are to sell, the higher the probability will be that they will continue to reduce the selling prices. So if you have your eye on a piece of property, patience and persistence are the keys.
Areas to consider when looking for a real estate investment are Phoenix, Arizona; San Diego, California and the District of Columbia where good homes are known to sit on the market for up to half a year or more.
It’s a great idea to begin your search in the real estate market for homes that have been listed for at least three months. The longer they sit, the more anxious the home owners are to sell and the better the selling price will be.
According to CNNmoney.com, home prices are down almost twenty percent from the peak of the real estate market in July of 2006. They also report that there are approximately 18.6 million homes in the United States that are sitting vacant—the most since the Census Bureau began to track this figure in the mid-1960s.
So the forecast for investors in the real estate industry is one of optimism and hope. Good bargains are out there and with interest rates continuing to remain low, the opportunity to buy a beautiful real estate investment property is better than ever.
Just remember that being patient when looking to buy a real estate investment is a good quality.
Happy Home Hunting for 2009!
