Posted by: Roby Robertson | November 9, 2009

Lake Norman Real Estate 2010 Outlook

Congress has extended the first time home buyer tax credit. Please review the First Time Home Buyer Frequently Asked Questions .

This is great news for those thinking of buying and selling a home in 2010.

On November 4, 2009 the FED reiterated its intent on keeping interest rates low, another good sign for home buyers and sellers. However, other financial experts believe that the FED will have to raise interest rates to stave off inflation. For those thinking of selling, this is one area to keep a close look. We will also be watching this closely for you.

Lenders are going to continue to tighten up its underwriting and foreclosures are predicted to continue at a high rate in 2010 because of unemployment.

Some 2009 Statistics for the Lake Norman MLS area:

1. The average days on the market in 2009 for homes that sold are 158 Days.

2. 880 homes had their listings expire in 2009.

3. There are 1305 homes currently listed for sale with average days on the market of 144.

4. 1181 homeowners withdrew their homes from being listed with an average days on the market of 189 days.

What does this mean to you?

1. Choose an agent that will work with you on all facets of the sale. From commissions to staging.

2. Make sure your home shows like a model. Competition is fierce.

3. Realistically price your home and choose an agent that stands by his analysis.

4. Choose an agent that is technology savvy. Blogging is critical in today’s market!

5. If selling be prepared for the long haul, homes are not moving as quickly as we are used to.

6. If buying, be patient and try not get emotionally attached to one home. Negotiations depend on it.

7. Do not take any offer personally. Low offers are the norm in today’s market.

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