News came out today that everyone missed their mark with regards to forecasting the housing market. With a drop of 7.6% , Decembers numbers were the lowest since March. Even with the tax incentives nothing seems to give the industry the push it needs. In the Dallas Real Estate area the market as a whole was down 1% in 09 verse 08. So, what is the potential outlook on 2010?
Three potential problems are facing us in the next couple months.
1. On March 31st, 2010 the feds program to hold interest rates down ends.
2. With new Good Faith Estimates and new lending rules, lenders are stretchedto their limits, and home buyers are just frustrated.
3. On April 30th, 2010 the tax incentives end.
Locally here in the Plano, Allen, McKinney, and Frisco Real Estate markets where new homes are a big part of the industry, we are seeing everything slow down. Many builders are fearful that they won’t make it without some help from the government.
When approached by a buyer, I am always asked, “is this a good time to buy’? With interest rates low, tax incentives available, and a good inventory. This is a good time to buy!
What can we do? Well it is about to be February and I am trying to be as positive as I can. I am blogging more, working on my presentation skills, and preparing for this Spring being a great time for everyone to purchase. Spread the word and let’s stay positive.
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