Thursday, December 17, 2009

Real Estate Forecast for 2010

National Association of Realtor (NAR) Forecast Predication for the US Real Estate Market for 2010.
  • 4.4 million households are eligible for tax credit. First time and move up home buyers must purchase by April 30, 2010 (with closing by June 30, 2010).
  • Home Sales Increase:  Home sales keep increasing now for the 9th straight month.  This tax credit expected to boost sales by 20% the first half of 2010.
  • Home Price Rise:  Median home prices could rise 2 to 4 percent.
  • New Home Sales Rise:  New homes sales could rise to 50%, but not same frequent pace as 2005.
  • Interest Rate Rise:  Interest rates expect to be 5%-5.5% and continue to rise as Feds purchasing of money back securities will end in March.
  • Unemployment Rate:  First half of the year will be slightly over 10% before inching down.  There is evidence of fewer layoffs.
If you are considering purchasing Orlando Real Estate the time is now as interest rates now are below 5% and in 2010 they will be increasing.  With a lower interest rate you can buy more home for the money.  Orlando has plenty of homes to choose from and low prices, and tax credits available to first time home buyers and move up home buyers.  To review the full article click here.