Real Estate News

The Associated Press released a survey yesterday stating that over 80% of Economists believe the recession is over. However, recovery will be moderately slow because of unemployment and the federal deficit. additionally, the California Association of Realtors released info detailing predictions for the real estate industry in 2010.

“After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” said C.A.R. President James Liptak. “2010 will mark the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.”

Additionally, C.A.R noted that demand from first-time buyers for low-end properties will continue throughout next year. So, first time buyers can still expect relatively low prices through next year. it's no secret that this year has been phenomenal for first time buyers- tax credits and the lowest home prices in history has allowed many to buy homes they never thought they could. This is especially true for the Santa Barbara area.