According to Realtor.org home sales are expected to increase in the coming year.Â The tax credit has already shown to improve the market and the first time home buyer tax credit extension is expected to keep the momentum going bringing additional “step-up” buyers into the market.Â Don’t let the holidays slow you down.Â There is still a limited amount of time to find your dream home and get closing processed successfully.Â Find a good agent that can walk you through all the steps.
Here is what Realtor.org had to say:
“Home sales will increase 15 percent to about 5.7 million units and REALTORÂ® income will be up 20 percent in 2010, NAR Chief Economist Lawrence Yun told a packed room of REALTORS today in a residential economic update at the 2009 NAR Conference & Expo.
Yun credited the home buyer tax credit with unleashing sales on the lower-end of the housing market this year, bringing up to 400,000 first-time buyers into the market who wouldn’t have bought otherwise. That influx tightened inventories of starter homes, shored up prices, and helped reduce households’ fear over continuing price drops.
This virtuous cycle will continue now that the federal government has extended the credit to mid-2010 and expanded it to make a smaller credit available to repeat buyers and to households with higher incomes. â€œThe key is stabilizing prices and preserving household wealth,â€ he says.
Yun predicts the supply of homes to stabilize at the historic norm of six to seven months. Homes above $500,000 will remain elevated in the near-term, but that weakness will be offset by a hefty drop in starter-home inventories, which are running at about a five months supply.Â Â Â Â . . . ”
Quoted from Realtor.org where you can read more.
Photo Copyright 2007, Amy S Myers