While some degree of optimism is necessary for the Realtor who is determined to be successful, it sure is reassuring when the National Association of Realtors (NAR) shares the same outlook.
The recent news reports say the the home buyer tax credit has improved the general outlook for the housing market, and many economists now predict that we are beginning to see the start of a sustainable recovery. The NAR released a statement to that effect last Friday, in fact.
The NAR’s chief economist, Lawrence Yun said projections are enhanced by the tax credit expansion to more home buyers through the middle of 2010 when it is set to expire. He feels that the credit has worked better than initial projections, in fact, which is really great to hear. The numbers suggest that we’ll have between 2.3 and 2.4 million first-time home buyers this year.
Consumer studies indicate that first-time home buyers accounted for a 47 percent share of home sales over the past year, up from 41 percent in 2008. In 2006, this share was only 36 percent.
Existing home sales should come out to about 5.01 million this year, which is a 2 percent gain over last. Projections estimate that number to rise to 5.69 next year, depending on unemployment and other economic instabilities. Only time will tell how close projections are to reality in the future.
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