My accountant is bugging me to get him my financials for 2008. He is closing the books on 2008 and getting me ready for 09. Sounds good to me! I don't know if there is a business owner out there who is not anxious for this year to end. As a Realtor, I own my own business, so I too am ready to see what the new year will bring.
I do feel 2009 will be one of the most active real estate years that we have seen in this decade. Today's rates have fallen below the 5% mark on a 30 year fixed mortgage. The median price of homes in the Metro area have fallen to the lowest level in 6 years. It is really cheaper to own than rent. Prices of homes will continue to drop until the supply and demand curve levels off. The number of newly foreclosed properties exceed the demand. We expect to see a rise in short sales. Banks realize it is cheaper and faster to negotiate a short sale than allow a property to go into foreclosure.
The inauguration of President Obama and the Super Bowl are almost simultaneous. That is important to note. Change is coming and people want it, and football is ending and that allows people to get off the couch and look at houses. The two happening together are a positive beginning for 2009.
Everyone needs to give themselves permission to buy up or down and make the changes that are necessary to make their life good for themselves. If you want to see the world come to an end, go to the movie theater. If you want to experience life, walk out your front door.
Comments