Improved But Balanced

We are now just over a month into the New Year and we have already seen signs of how the year is going to turn out. With mortgage rates still low, houses are affordable and we are seeing a lot of sales to prove that people are taking advantage of the low mortgage rates. This year for the month of January single family home sales was up 39% and the condominium market was up 67% from January 2009. A good sign that the market and the economy has improved. We may see this improvement, but do not take this the wrong way and think that prices and the real estate market will see another boom. The market has just corrected itself and we may just see a balanced and steady market over the year. Prices have adjusted over the year and we find ourselves with an inventory of houses that is normal for this time of year. For a lot of people that are looking to buy a new home or may be first time home buyers, the decision to rent or buy is a question that may change one’s mind when looking at the low mortgage rate. It will definitely bring new home buyers into the market in 2010.