David Bruce

January 1st, 2009

Optimism for 2009!

Happy New Year!!! There is reason to be optimistic if you are buying or selling a home in 2009. Conforming mortgage rates ended 2008 at the lowest levels in decades.

Along with low mortgage rates, homes have reached their best level of affordability in many years, according to the National Association of Home Builders (NAHB). The NAHB index compares the cost of paying for a home, based on average home prices and mortgage rates, to the median household income. Increased affordability allows more people to participate in the housing market, which should boost demand for new and existing homes.

The consensus outlook is that the economy will begin to improve during 2009. In addition, both the Mortgage Bankers Association (MBA) and the National Association of Realtors (NAR) expect the housing market to improve next year. The NAR predicts that both the number of existing home sales and home prices will increase in 2009. The combination of a rebounding economy, low mortgage rates, and affordable home prices provides good reason to expect an improved housing market in 2009.

If your a potential home buyer now is a great time to get started! Contact Skye Bruce Properties, The Official Realtor and Buyer’s Agents of RichmondHomeShopper.com to get started in your home search!

This entry was posted on Thursday, January 1st, 2009 at 5:04 pm and is filed under Real Estate News and Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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