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First-Time Homebuyers Lead Housing Economy to Recovery
By Stephen Roberts | November 23, 2009
According to the National Association of Realtors, the housing economy appears to be headed for a sustainable recovery, aided by the home buyer tax credit. The tax credit expansion will help increase sales for first time buyers through the middle of 2010. This year alone it looks as though there will be about 2.4 million first-time home buyers in the nation. First time buyers accounted for a record 47% of home sales over the past year, up from 41% in 2008.
A steady decrease in home inventory will help home values turn positive in the coming year. Affordability will decline from record highs next year but will still remain at incredibly affordable levels for qualified home buyers. It’s projected that home prices will rise between 3 and 5% in 2010, finally stabilizing the housing market. It also seems as though the unemployment rate is peaking at about 9.5%, so we are hoping that 2010 will bring a more stable economy not only for the housing market, but for the nation as a whole.
See our website for a quick look at the benefits of Buying vs. Renting.
For all your Real Estate needs contact Steve Roberts at 702-739-4392.
Topics: First time homebuyer tax credit, Henderson Nevada Homes, Holiday Season, Homebuyer tax credit, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate | No Comments »