The biggest news this week is news that home sales should rise by a huge margin in the coming year! According to the NATIONAL ASSOCIATION OF REALTORS®, the economic forecast is calling for a 13.6% jump, to 5.7 million units, boosting both the housing market and the overall economy.
The NAR reports the first-time homebuyer tax credit was far more successful than anyone anticipated in terms of enticing buyers and boosting home sales in 2009. And economists there say there is no reason to believe that will stop. In its annual economic forecast, the NAR predicts the extension of the tax credit through mid-2010 will further stabilize home prices, which is a major contributor to stabilizing the entire economy.
The NAR study, released last week, showed that first time buyers accounted for a record 47% of home sales over the past year, up from 41% in 2008 and much, much higher than the mere 36% in 2006.
And of course, buyers have been having enjoying record opportunities this past year…but looking ahead, the NAR sees some relief in sight for sellers too!
If there are no unforeseen shocks to the economy, the NAR reports said home prices should rise, between 3 and 5% in 2010, but with wide geographic differences.
And of course, buyers have been having enjoying record opportunities this past year…but looking ahead, the NAR sees some relief in sight for sellers too!
If there are no unforeseen shocks to the economy, the NAR reports said home prices should rise, between 3 and 5% in 2010, but with wide geographic differences.
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