As 2009 draws to a close, we look forward with eager anticipation to a continued upswing in the already improving housing market in the coming year.  Although many of our Northern Utah areas are still feeling the effects of a high unemployment rate and foreclosures, most prognosticators feel like the economy is beginning to turn the corner towards growth.  Since real estate led the economic decline, real estate will also be one of the leading indicators of the growth comeback.  We have seen an increase in unit sales for the past seven months which is a positive sign to follow.  We know that we have learned much for our experiences in 2009 as we faced one of the most difficult markets for sellers.  We still have challenges to face in 2010 including the very real possibility of higher interest rates which could slow the real estate recovery.

The new home buyer’s tax credit has been extended and expanded.  New home buyers will still get an $8,000 tax credit but also current home owners will receive a $6,500 tax credit as well.  Buyers need to qualify so contact our office to find out what those qualifications entail.  Despite the dark clouds of 2009, the new home buyer’s program is one of the silver linings of 2010.  The 2010 economy will be a good time to purchase a second home or a cabin.  It will also be a good time to move up in the housing market.  Renters will find that this will be the best time to get into a new home with high inventory and low interest rates.

The trials and tests of difficult real estate markets bring out the best in agents and management.  In today’s market where information is readily available to sellers and buyers, the new role of agents and brokerages is to interpret that data so that it makes sense and is useful to buyers and sellers as they make real estate decisions.  Agents must have training on how to read the trends and interpret the economic conditions in order for buyers and sellers to know when to buy and when to sell.  We are prepared to share that training with our agents and clients.

As members of the National Association of Realtors, the Utah Association of Realtors, and the Northern Wasatch Association of Realtors, each of our agents have the data and information needed to successfully guide our clients through these turbulent times.  As 2009 comes to an end we look forward to the opportunities and challenges of a new year.  We need to be sure and adjust our attitudes to overcome the challenges we will face this year and apply what we have learned in 2009 to make 2010 the best year ever.  We firmly believe that 2010 will be our best year ever! 

Contributed by Steve Randall steve@welchrandall.com