So, I've got my opinions about the local and national Real Estate Market for the up coming year:
Local- Indiana Real Estate has been pretty steady in appreciation and towards the top of the list in foreclosures before the economy decided to go yucky, so we haven't been hit as hard as other areas in the country. I would hope this causes our market to see a minimal dip on the roller coaster ride of ups and downs. The job market and available credit will likely have the biggest impact on 2010 sales. Things are starting to look better in 3rd and 4th quarter; but they historically should so I'm hesitant to say next year will be strong, but I hope the market will see minimal decline to a marginal increase.
National- Consumers are the focus. Without buyers, properties won't sell... We need available credit and buyers ready to sign on the dotted line. I think the prospect of good buys (cheaper prices) will drive the market more than anything, but am concerned what the winter will do to the vacant properties; which will only increase in a heavy foreclosure market. Fortunately, short sales will keep many properties occupied and reduce the damage these properties would see otherwise. I expect to see property values decrease and sales to decline.
I believe it took us years for the bubble to get big enough to burst, and it will take years before we can see real improvement. I'm not trying to be a pessimist, but a realist...
What I would really like to hear: Is honest opinions of agents working in the trenches around the country. What do you thing the next year will bring in the Real Estate market in your local area and on the national level?