We are sure that you have been barraged with negative news reports regarding the status of real estate. We are here to assure you that having a national real estate report is like having a national weather report. It may be snowing in the northeast, rainy in
Here are our local predictions for the year 2009.
- Warmer weather will bring two things, more buyers and more inventory.
- Eager to get the ball rolling on house purchases, the lenders will be lowering the interest rates. Historically, the interest rates have increased as we get into the buying season. Now would be a really good time to refinance.
- While everything is not rosy in our marketplace, we in
are in a much better place than other parts of the country. Colorado job growth was the 8th highest in the nation in 2008. (Bureau of Labor Statistics) Colorado
- On the OFHEO (Office of Federal Housing Enterprise Oversight) housing price index, Boulder County was the 17th highest appreciation rate in the country (2.99%) from 12-07 to 12-08.
- The local foreclosures appear to be slowing down. For awhile we led the nation in the number of foreclosures, now we have been eclipsed by
California, Arizona, and . Florida
- For the first two months of 2009 we are behind 30% in the number of total sales of single family homes.
- We are expecting the entry level homes and condos to be a good market this year.
First time buyers and investors will seek to capitalize on the opportunities that lower interest rates afford.
- The mindset we are currently experiencing is buyers who are afraid to make a decision. They are waiting for “the bottom.” The problem is we will only know when it was the bottom after it was over.
- Several weeks ago, the lenders were telling us that they would only allow investors to have four loans (one was the mortgage on their personal residence). The rules have now changed to allow investors up to 10 loans (including their principal residence).
- We predict, at the end of 2009, to have another year of positive appreciation. The number won’t be more that 3% but it will be on the positive side.
- Many of us have seen our stock portfolios decrease by 50% or more; others have been completely wiped out through investments in ponzi schemes, yet
real estate continues to hold its value and even appreciate. Call me, and let me help you start your real estate investment portfolio. Boulder County