I always try to keep this blog as upbeat as possible. I would like to make a few predictions about where I believe the real estate market in general is headed in 2009. Most of the end results will be very positive, and by this time next year I predict the recession will be over!
- Sellers will continue to face falling prices because they are competing with 1.) banks with larger than normal inventories of foreclosures and 2.) builders who are slashing prices to sell off remaining product.
- Mortgage holders that are in trouble and face the possibility of losing their homes will receive assistance from a variety of programs since the Senate's Joint Economic Committee has predicted 2 million foreclosures in 2009.
- The banks will go through a necessary restructuring making short sales easier to obtain, therefore leading to fewer bank owned properties. Hurray!
- The days of abusive lending practices is over. Thank goodness! Buyers who need mortgages will be required to provide extensive documentation as well as having excellent credit...you know, the way it always should have been!
- There will be a renewed interest in urban living due to buyers wanting to live closer to work, schools and shopping. Much of this is the new "Go Green" philosophy...I predict there will be a demand for smaller, more energy efficient homes close to downtown areas.
- Both buyers and sellers are becoming more tech savvy. I strongly believe that real estate companies & agents who rely on technology for marketing such as websites, social networking groups, multiple photos and video tours, webcasts & podcasts, blogging and other Internet options as well as those using a laptop with wireless or aircard capabilities for "mobile" searching will lead the charge into the new year. Staying ahead of the curve will be necessary for maintaining a market share in today's ever changing real estate climate.
The Harris Peppe Team is committed to staying ahead of the curve with regard to Internet marketing. We strive for customer service and we look forward to continuing our track record of success and earning your business in 2009!
"I skate to where the puck is going, not to where it has been." ~Wayne Gretsky