Last Wednesday, Oct. 16th, at the California Association of REALTORS State Meeting in Long Beach, CAR Chief Economist, Leslie Appleton-Young, released her “2009 Housing Market Forecast”. I was there. It is always worthwhile to hear Leslie speak. She is well regarded and well respected in the field of economics. The event was covered by the local press and here is a link to the article in the Los Angeles Times. Quick highlights:
- home prices in most areas of California will continue to decline next year, while the volume of sales of existing homes will continue to rise.
- median homes prices will have declined 31.7% from 2007 to 2008 and will decline an additional 6% in 2009 the economy will be weak throughout the next three quarters before we begin to see a turnaround in the second half of 2009
- home prices and favorable interest rates in 2009 will contribute to gains in affordability
- it is imperative that credit be available for home buyers
So…real estate prices will continue down…interest rates will be good…financing is the wild card. Given the attractive prices of houses in many neighborhoods that were previously unaffordable, sales will be strong…but at lower prices. If you have been stymied in attempts to buy a house up to this point, this is good news for you. Long-term ownership of your home has been and will continue to be the best way to build your personal assets. If you are thinking of buying a house, the time is right, and will continue to be so for some time to come. I help buyers and sellers of homes in Fremont, Pleasanton, Newark, Livermore, Union City, Hayward, Dublin, San Leandro, San Lorenzo and the surrounding areas. If you are thinking or buying (or selling), give me a call. This is a great time to be a buyer. If the circumstances are right, it could be a great time for you to be seller. Let’s talk and explore the possibilities.
