Are you waiting for the flood
Wednesday, January 13, 2010
Do not panic, the flood I am speaking of are of new bank owned properties. Merced County has been told to expect some kind of a flood of new listings to hit the market early part of 2010. We are all waiting in anticipation as things slowly recover from the holidays and start moving forward.
As we wait, lenders are releasing the new lending regulations that may or may not make it easier to borrow money for the purchase of a home; the state of california governor proposed a new round of $10,000 state tax credit for buyers of new homes and existing homes (go too www.ftb.ca.gov for further details); and the IRS will continue their tax credit until april 2010 (this one is old news but still good news).
This is good news even though some lenders are getting very strict with lending guidelines and taking longer to complete transactions. Yet with all these different stimulus and challenges, the california housing market expects a “3.3% increase in the median home price bringing it to $280,000.” (http://www.msnbc.msn.com/id/34704789/ns/business-real_estate/).
I am excited for what this real estate market has to offer this upcoming year and the challenges that as a realtor, I will be facing. In conclusion, it will be good a year for some and still a better year for others.