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Homeowner's Rejoice!
In early March the National Association of Realtors released its forecast for existing home sales. According to NAR, sales of existing homes are expected to remain steady through the Spring and a gradual recovery should then occur throughout the rest of the year!
If correct that means we are now experiencing a bottom in the existing home sales market. The sales growth rate for 2009 is expected to be approximately three and a half percent.
Despite the assertion that the bottom is in for units sold, NAR projects that existing home sales prices will still fall another 1.2% before finally bottoming. But just like units sold in 2009, NAR projects that the price of existing homes will go up three and a half percent next year.
The new home sales market appears a bit bleaker according to NAR. Their projections are for new home sales to be down almost twenty four percent this year, but then rebounding sharply with a more than seven percent increase in 2009. Prices of new homes are expected to fall about six percent this year, but rebound by about five percent in 2009.
Mortgage rates are expected to remain around 5.8% this year but then move up to 6.3% next year.
Overall the report from NAR is encouraging as Realtor's have been hoping for a bottom for quite some time now. The signs of activity can certainly be seen at the Tomlinson North Idaho Sotheby's office in
Coeur d'Alene, Idaho. If you are feeling the itch to sell then now may be the perfect time - before everyone else figures out that the bottom may indeed be "in."
See the original housing recovery article here.
Tomlinson North Idaho Sotheby's International Realty knows North Idaho like no other agency! You may also request your free copy of our unique homes and land magazine for North Idaho to be delivered via U.S. Postal Service mail. Just make the request in the comments section on our Real Estate Request Form!
When only the best will do the answer is clear - Sotheby's International Realty
Coeur d'Alene Idaho is located in beautiful Kootenai County and is a wonderful place to retire! Kootenai County has a 2006 listed population of 131,507. Six year population growth was approximately twenty-one percent.
About thirteen and a half percent of the people are 65 or older.
The year 2000 home ownership rate was almost seventy-five percent. The 2004 median household income was $41,308 and over $11,000 is spent each year on retail sales, per capita.
This demographic info is provided by the US Census Bureau and is believed to be accurate but is not guaranteed.
Contact us today to find out more about retiring to North Idaho!
Realtor Ron
Tomlinson North Idaho Sothebys International Realty
http://www.besthomesandland.com/public/recovery.html
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