2009 Predictions for Real Estate

First and Foremost - HAPPY NEW YEAR! and welcome to my new blog!

How many times have I heard the predictions for real estate - and how many times have they been wrong. I think the main thing to remember when you are searching around the internet or channel surfing the news - you are reading or hearing or seeing someone else's opinion.

It is true that some of these opinions are based in fact, taken from numbers coming out nationally and regionally. But it still remains that opions are not fact. National "facts" may not play into our local market - and vice versa.

With that said, I do a great deal of internet and channel surfing myself and have come across a number of different opinions along the way. I did find a great 2009 Real Estate Prediction link that I would like to share with you - one that sounds pretty realistic and I can see how it would apply to our local market here in the Rogue Valley http://homebuying.about.com/od/marketfactstrends/ss/110708_2009-RE.htm

There is no denying that our local market has been hit by the national RE slump. Some neighborhoods harder than others, but overall - prices and sales are down and days on market are up. There are a number of Bank Owned Properties (or REO's) on the market and folks are having to make the tough decision to either modify their loans (if they can) or short sale their home.

Here are my suggestions to you as we enter into a new year and era of Real Estate:

For Sellers:
Make sure you price your house right - hire a competent Realtor who is willing to show you the facts of the market and who is going to be honest and realistic with you. Make sure this person is going to do their job. You can not simply place a sign in the yard anymore and have offers knocking on your door. Homes that are priced well do sell. I just met with a local appraiser and we discussed how a great house can just sit and sit on the market with nothing happening. Once the seller decides to lower the price to a place where it actually has it shot - guess what, it sells!

If you are facing a short sale (you owe more than the house can sell for and need third party approval for the sale) make sure you, again, hire a Realtor who knows how this works. It can be a tricky, tedious and LONG process. You really need someone in your corner who can get the job done. There is never any guarantee that this is the answer for you - but having the right person on your team is a key fact in making it happen.

For Buyers:
If you have been sitting on the fence waiting for the right time - the time is now. If you read the predictions for 2009 link you will note that there is a good possibility that the interest rates are going to go up in 2009 - maybe to 7%! Right now, with good credit and a little money down - you can buy a home (and rates are still under 6%). There are a number of homes priced VERY well in the Rogue Valley. You, too, need to hire a Realtor you trust and who can be honest with you and who is willing to go to bat and negotiate the best possible deal. Although renting is great - if you are thinking about buying a home for you and your family you really should consider contacting a Realtor and Mortgage Broker and find out where you are, realistically. If you are thinking of buying your first, second, vacation or last home and plan to hold onto it for, at least, a few years it does not hurt to just talk to someone.

The day of the 100% financing is NOT behind us. with the right combination - you can qualify through the USDA rural development program in certain areas of the valley. There are a number of Mortgage Brokers and Loan Officers, locally, who can answer your questions about this. If you would like to talk to someone - please let me know, I can give you some recomendations

For Investors:
My goodness! There truly are some amazing deals out there!!! True, it is NOT the time for flipping - some REO's will actually require that you not sell for at least 6 months - BUT, if you plan to buy and become a landlord for a bit here are a couple things to consider: rental rates are up a bit and could go even higher, you can be an absentee landlord by hiring a local property management firm to take care things for you, properties can pencil and pay for themselves with the current mix of lower prices and higher rents - you just need the right Realtor to help you search for the properties that work for you.

As a licensed RE Broker and EcoBroker Certified Realtor I have the pleasure to work in a field that I feel great passion for. It is the highlight of my job to meet people and network with all of you. Helping my clients - whether they be buyers or sellers - accomplish their RE goals is extremely gratifying. My view is that in every transaction everyone should "win". Both Buyer and Seller should walk away feeling as though they got the best deal possible for that property. There are many twists and turns and ups and downs in any given transaction and each sale is unique - but having the right team put together - one who communicates and practices the utmost level of integrity - you will walk away with a smile.

If I can help you in any way, please feel free to call or email. I work 7 days a week and am always available when you need me. 541-227-9919 kerryzook@gmail.com

I wish you the BEST for 2009 - make it a year of peace and abundance (in every aspect of the word!)