In talking with fellow real estate professionals, sellers, and even buyers, when it comes to real estate, the general sentiment appears to be that of putting 2009 to bed and looking forward to a bright 2010.
Information gathered from the Door County Multiple Listing Service indicates that as of December 31, 2009 the total MLS dollar volume was down approximately 25% from 2008, and the total number of units sold was down about 12% from 2008. Yes, 2009 was a struggle for Realtors, and sellers with their property on the market, but our dollar volume of units sold ends up being pretty close to 2003, and that was a record year at the time for which we were all thankful.
Today’s interest rates in the 5% range is a trend that cannot be expected to continue. As real estate markets stabilize and the economy gets better (and they will!), interest rates will undoubtedly rise. Home prices may drop in certain areas of the country, but they will not drop much more and I do not expect them to drop further in Door County. Areas that are less affected by foreclosures and short sales will likely level out faster than other areas because of the lack of distressed sales—Door County is one of those areas where foreclosures and short sales are fewer. A rise in interest rates may require sellers to bring their prices down to sell, but the days of 20% and 30% decreases are very likely not to continue.
What does this mean for you as a buyer? Today, eleven days into the new year we have great inventory, great prices, sometimes very motivated sellers, tax credits for first-time home buyers and move-up buyers; combine these factors with historically low interest rates and we have a once-in-a-generation opportunity for you to buy at the lowest prices we’ve seen in many years, lock in a low interest rate and receive a credit for buying.
If your personal circumstances allow you to consider a home—whether it a first-time home or a vacation home—contact me today so that we can begin your search right away and take advantage of the great prices and low interest rates. If that home is a wish and a goal, that’s OK too; I’ll start to send you property updates so that when the time is right for you we can hit the ground running.
For a national perspective, CNN Money provides an interesting analysis on real estate conditions and a forecast for 2010.
To close I want to share the 13 Rules to Enable You To Do Your Best Each Day. We all get lots of messages like this, especially around the New Year, these 13 Rules seemed especially appropriate for me and I hope you’ll find something that will help you make the very best of every day in 2010!
13 Rules to Enable You To Do Your Best Each Day
1. Wake up early. The early bird does not get the worm. The early bird makes the money. Work while others sleep.
2. Love what you do. If you don’t love it, leave it and find work doing something you love. Life is too short to spend it doing something you “hate”.
3. Be a life-long student. How many books did you read last year? Make time to take new courses, take classes at your local college or master a new skill. Remember that you earn based upon what you learn.
4. Convert anger to resolve. Anger is the biggest waste of energy on the planet. Don’t let other people or things control your mind and your actions. It blocks your positive and creative thoughts.
5. Convert barrier to breakthrough. You may know it as objection. Or even rejection. Stick at it until you win, and you will gain personal, mental dominance.
6. Take every “no” as “not yet.” You don’t hear with your ears. It is an opportunity for you to learn, to hear with your mind. The way you accept other’s words will determine your fate. Gain an attitude of positive acceptance.
7. Be grateful. Make a list of things you are grateful for and why. For example, I am grateful for my spouse, children, parents, for my good health because . . . Tell the most important people in your life why you are grateful for them. Add to this list daily.
8. Read for thirty minutes every morning. Reading provides the opportunity for quiet insight. Your best chance for success is reading. Learn to earn. Read to succeed.
9. Write for thirty minutes every morning. What should you write about? Anything you want! Begin to keep a journal. Put your thoughts and ideas in writing.
10. Call people you love — and tell them you love them. Love is not motivation. Love is inspiration. To be your best, you must go beyond motivation — to inspiration.
11. Tell yourself you’re the best. “I am the greatest of all time.” Muhammad Ali said that thousands of times. Millions of people agree he was the greatest of all time. He began that journey by telling himself that he was the best. So can you, and believing so will help you do your best for others.
12. Practice random acts of kindness. Do something each day for someone you don’t know without any recognition for doing so.
13. Find something to be happy about each day. Life is a gift, live it to the fullest each day, enjoy it, celebrate it. Treasure today because tomorrow may never come.