[youtube width="250" height="300"]http://www.youtube.com/watch?v=gcgsLJxxVC8[/youtube]
Chief Economist and Senior Vice president of research for the National Association of Realtor's, Lawrence Yun, was in town recently giving his views of what we can expect for 2010 in the real estate market.
According to him, our market will experience another slight dip in 2010 before it starts making a turn for the better in the back half of the year.
He stated that price declines are coming to an end and that we are beginning to see a stabilization of home values. Additionally, median home values for a single family homes fell 3.8 % from 2008 to 2009 in Chittenden County.
He stated that Vermont was lucky in a sense because we were not hit as hard as most of the rest of the country was.
He stated that federal tax dollars were definitely a big part of the beginning of the recovery and he is hoping by the government extending the first time home buyer credit combined with the additional tax credit for move up buyers will prove to be effective for home sales this first quarter of 2010.
He did note that he felt that interest rates would start to rise this year and should reach the 6% mark this year for the first time in years.
If you would like more information on how to proceed this year, contact me Brian French the real estate man on the street at firstname.lastname@example.org your real estate advantage.