As I sit here and reflect on 2009 and enjoy the beginning of 2010, I am reminded at what a new year can bring.
There is always a sense of excitement — that a new year can mean great things.
What will happen in the Towson real estate market? Will it rise? Will it fall? Will it stay at its’ teetering stabilization point that it has been in? I think we will remain about where we are — I don’t foresee a jump, but I think our neighborhoods are strong and prices will remain strong.
What about the real estate market in general? A few economists, like the National Association of REALTORS (R) economist, think there will be about a 10% increase.
I tend to be cautious in my optimism, and think we still have a large number of short sales and foreclosures coming down the pike in 2010, which will drop values lower, or keep them at the lower prices we are seeing now. I truly don’t foresee a real true recovery until 2012.
What does this mean for Towson sellers? That your homes are still worth a great amount because our area has been stabilized. That being said, they are not worth what they were even two years ago, so you can’t think about those prices when considering selling your home.
What does this mean for Towson homebuyers? BUY! It is a GREAT time! Interest rates are still very low, and prices are much lower than they have been in years.
For a true value estimation of a Towson home as a homebuyer or seller, or to find if this is the right time for you to move, please contact me — I am happy to help!