Five things I’m looking forward to in 2010 and Change in the Corvallis Real Estate Market
As 2009 comes to a close, it will be nice to put a cap on it and move onto a better 2010. I, for one, am looking forward to some positives in the economy and the Corvallis real estate market. Recent economic activity would lead one to believe that the country is coming out of an extremely difficult economic period — some say the longest recession in decades.
What I think we’ll see in the coming new year:
1. Slightly higher, but still very appealing interest rate environment, at least for the first half of the year. Not the really extra-ordinary rates hovering at five or slightly under, but more like the low sixes, which historically (and if you can remember the early 1980s really very much better than seventeen percent or higher.)
2. Buyers, both first time and move (up,over,down) buyers taking advantage of tax incentives (written contract must be in place by 4/30/2010; closing by 6/30/2010)
3. Locally good levels of inventory without the impact of extreme high levels of foreclosed properties. Basically, a more balanced market. Making it a better market for everyone. As the markets that tend to feed Corvallis and the mid-Willamette Valley continue their recovery they will provide a little “stimulus” to our economy.
4. Better employment rates as the economy crawls out of the recession hole. Employment is the one factor that will really change the course of the current economy.
5. Along with higher interest rates, may come a more relaxed, perhaps I should say, sound, approach to underwriting. Not the take a pulse, give a loan attitude that helped create the mess, but realistic and reasonable, as banks re-enter the mortgage business and become less fearful of risk.
All in all, no matter what the economy does, how the real estate industry deals with ups and down, we are all just and we will continue to adjust and do what we need to do to live our lives the best way we can.
Wishing you all a happy, healthy and prosperous 2010.