What's Happening in
Real Estate for 2010?
By Melissa A. Nykorchuk
Photo: © Sean Prior - iStockphoto
The real estate market in 2010 has more promise than in the past few years. With house prices in some areas beginning to stabilize and historically low interest rates, the real estate market is perfect for buyers with good credit.
The Tax Credit is a Positive Incentive
With the $8,000 tax-credit incentive extended through April 2010, first time homebuyers are continuing to buy homes that they might not have bought without the incentive. Home purchases for first time homebuyers are expected to continue to rise until the tax-credit incentive ends.
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Qualified Buyers Come Out Ahead
Although lenders are keeping the debacle of the sub-prime mortgage crisis in consideration as they accept new loan applications, those who have verifiable income as well as a high credit score are prime candidates to secure a great mortgage in today’s market.
Unfortunately, some real estate markets across the United States may have to absorb a new wave of foreclosures because there is a backlog of homes already in the foreclosure process; rising unemployment rates are making this problem worse. Though this isn’t good news for sellers, for the savvy investor there is still opportunity for a good deal.
Move-in Ready Homes Attract Buyers
The trend for prospective homeowners is buying a home that needs little or no fixing up and the smart home seller will make necessary repairs to ensure their home sells for a fair price.
Home sellers can consult a home staging professional to ensure that their home is appealing and ready for sale. Home staging might include small repairs, furniture relocation and removing clutter from living areas. |
