“Prediction is very difficult, especially about the future”
Niels Bohr
I’ve been out, talking to my peeps in Northwest Glendale. The running theme of conversation is, what will the real estate market be like next year?
Wow, that crystal ball of mine is still out for repairs!!
Here is what I can tell you about today that will have impact on the coming year:
- FHA is going to tighten it’s lending guidelines
- This means that first time buyers will need a larger (5%) downpayment, have higher closing costs and minimum requirements for credit scores.
- We have very low inventories of homes to sell
- Based on conversations with homeowners and REO specialists, this situation will not change in the near future.
- Consumer confidence- based on economic news and job confidence is still low.
- The home buyers federal tax credit was renewed for purchases through April 2010. Move up buyers now qualify for a tax credit.
What does all of this mean? Well,Virginia, I will leave the conclusion drawing to you.
Here’s what I can also tell you about today. Some of the best deals ALL YEAR on are on the market today. AND, no one seems to be out there to buy them. Ok, no one is a misnomer. But, certainly, there is less competition from buyers today, than last month. Wanna scoop a smokin’ hot deal?
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