There are 5 reasons why housing will lead the economic recovery in 2009.
- Housing is the most affordable it’s been in 15 years. Coupled with 40 year low interest rates and the first time buyer tax credit, buyers will start buying.
- Rates are at an all time low. Since thanksgiving, rates have dropped the most in the shortest amount of time, ever!
- Inventory, currently there are 19,400 homes on the market which is a huge reduction from past years. Many people believe that there is a large ‘shadow market’ of people waiting to put their homes on the market.
- There are fewer industry players. The people left in the business are true professionals that know the marketplace.
- The federal government is considering many tax policies to help stimulate the housing market. There is currently a $7500 tax credit for 1st time buyers that has to be paid back over 15 years. However, congress is looking at making this a true credit and not a loan and extending this to all homeowners! In addition, there are many policies to help with people who can’t afford their mortgage currently, making those transactions easier.
Written by Perry & Co Real Estate Agent Brad Colburn
Filed under: Market Conditions | Leave a Comment
Tags: Brad Colburn, Denver Colorado Real Estate, Perry & Co, Real Estate
Be the first to like this post.
No Responses Yet to “Will Housing Lead the Economic Recovery?”