Happy New Year!!
I, for one, am thrilled to be welcoming in 2011. Last year was like no other year in real estate…shall we say it was…interesting?
The real estate market of 2010 frustrated sellers and left buyers paralyzed with uncerainty and fear, despite historic buying opportunities: two tax credits, ridiculously low interest rates, tons of inventory due in part to an astounding amount of distressed sales, and low prices… It added up to a crazy year of contradictions.
Below is a look at 10 different northern suburbs’ real estate performances in 2010 (click on the image to enlarge it):
I think 2011’s key word will be stabilization.
Experts are predicting further declines in home prices, especially during the first half of the year, due to high housing supply and continued high unemployment. I’m hoping that the rest of the year will see some leveling out so that buyers and sellers can get their footing and activity can increase, getting the market–and hopefully eventually, the economy–back on it’s way to recovery.
As always, please get in touch if you have any questions at all. Thank you for your support in 2010. I wish you a wonderful new year, and hope that if you, or any friends or family, need a real estate agent 2011, you’ll think of me.
Stephanie Hofman, SFR
Rookie of the Year, 2009