Positive Outlook for the Future of the Housing Market

At a recent industry event that took place in Washington, D.C.,  Lawrence Yun, chief economist of the National Association of Realtors, and Mark Zandi, chief economist and co-founder of Moody’s Economy.com have given a positive outlook for the future of the housing market.  For the latest information regarding the local Hoboken market feel free to contact me or call 201-344-2886.

According to a press statement issued by the Realtor group, the economists mutually agreed that jobs are crucial to an economic and housing recovery, that mortgage interest rates will remain historically low, that jumbo loans will become more available and that home sales will rise over the next few years.

The economists also agreed that demand to purchase homes will increase slightly stronger this year and that foreclosures will decline next year.

Zandi also said home prices could weaken this year, although he believes the housing crash is nearly over. He also stated that, “There will be no real price growth in 2010 or 2011. Whether home prices weaken is unclear, but it will take two more years to work off excess housing inventory at the current sales pace. Of course, if demand picks up, it would take less time for prices to rise.”

Yun feels that home prices could increase 2 to 3 percent this year due to improved market fundamentals and rising consumer confidence and that prices could rise further in the next two to three years due to low construction of new housing relative to the long-term demand.

For more great reasons to buy a home in 2010, please read The Best Time to Buy a Home is Now! If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event. With low mortgage rates available, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

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