What Will Happen In The Housing Market in 2009?
No one knows for sure but many experts seem to agree that the first half of the year will bring even lower home prices and a possible stabilization in the second half of the year.
What does this mean for buyers and sellers? Well, simply put, if a seller is thinking of sellling during 2009, it may be best to sell sooner than later since prices will continue to inch lower - otherwise you may want to wait until 2010 and take your chances that the recovery will be underway and prices will be higher by then. Investor-buyers can sit back and wait until prices go even lower, although since prices are down to 2002 levels in San Diego, and interest rates are at historic lows, if you see a property you want you should go and get it. For buyers looking for a primary residence, you should feel comfortable buying a home that meets your needs because again prices have been rolled back about 7 calendar years and interest rates for a 30-year fixed loan are now at an average of 5.14%, a record low, according to Fredie Mac. (Last year, they were at 6.17%.)
Check out this article in SF Gate, the online piblication for the San Francisco Chronicle, where several California housing experts give predictions for 2009.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/12/28/RE2I14US8F.DTL
Also, check out other important real estate article from the past week.
http://www.car.org/media/pdf/Beyondtheheadlines_010109_2.pdf
Contact me with any questions. Happy New Year!
Kevin P. Cummins
Realtor / Broker / Attorney
Coldwell Banker – Carmel Valley
Cell: 858-750-9577
Search the MLS on my new website at kevincumminshomes.com.
