It's been ten years since the millennium and we have seen the real estate world rise to inconceivable heights and sink to unbelievable lows in the last ten years. What can we expect for the New Year?As the economy is getting healthier, the headlines are much more optimistic, and even the critics are starting to believe that the worst is behind us and the future is getting brighter. Talk of a "double dip recession" has disappeared and I believe that this will have a calming effect on the markets and allow everyone to take a fresh breath and begin to talk about what can happen instead of what has come to pass.
No one wants to see radical highs or overwhelming lows. What everyone is looking for is consistency. Consistency in all aspects of the market will bring trust and with this trust will come renewed activity.
The banks are still holding a large number of "toxic asset" properties and we still have to see this sector of the market stabilize before any real appreciation, can be seen. How long will it take is still not clear, but the institutions and banks are getting better at dealing with these properties and the assimilation of these assets into the market. We are fortunate that this is a small percentage of our local transactions and that improvement is predicted to continue throughout most of 2011.
I am honestly optimistic about the future and look forward to seeing what 2011 will bring. Interest rates are still at historic lows and inventories in all price ranges are still abundant. It is a good time to take advantage of these favorable factors, as interest rates will rise as the markets get stronger and inventories will shrink as prudent buyers also take advantage of these opportune times.
"It is good to have an end to journey toward: but it is the journey that matters, in the end." Ursula K. LeGuin.
It would be a pleasure to use my expertise and that of my team of professionals to help make your real estate journey as smooth as possible - whatever path it may take. I look forward to talking with each of you about your real estate needs, whether it is helping to reduce your current property taxes, locate a high quality lender, understanding the current value of your family's properties, or just finding a good handy man!
Call or contact me and let's get together and discuss what your needs are.
