I found an awesome article today that has some interesting predictions for the economy and real estate market this year. First, since the unemployment rate has not been dropping quickly and is not expected to, prices over all will not rise. Markets in California and Florida are seeing a turn around, but the rest of the nation, including Portland, has not hit bottom yet. Second, the "shadow market" will come onto the real market, flooding most places with bank owned homes selling for pennies on the dollar. The shadow market is the homes that have been foreclosed on, are now owned by a bank, and are sitting vacant. When these go on the market they will only appeal to a certain buyer, most of them have been vacant for so long that they need lots of repairs, and the banks aren't willing to do those fixes. Third, the search for homes will be more lifestyle centric, and Realtors will have the tools to make that search happen. In a down economy people refocus on what is really important in their lives, and they want to live in a place that brings them close to their families, churches, hobbies, and favorite neighborhoods. Fourth and finally, the National Association of Realtors has launched an awesome new website for buyers and sellers, Houselogic.com, which I have blogged about before. It has tons of resources for buyers, sellers, and Realtors, and will only increase NAR's ability to lobby Congress.
Read the full article, which has lots of info on the future for Realtors, here.
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