Friday, February 20, 2009

Real Estate Trends For 2009 and Beyond

Real Estate Trends For 2009 and Beyond
By []Ryan Tollefsen

The year 2009 will likely be a year where trends in real estate will change greatly from what we have seen over the last ten years. Bank failures, stock market crashes, and government bailouts are bombarding the American public every day. It is no wonder that people who need to buy or sell a house are discouraged. Many would like to wait to sell their home but can't afford to wait due to job relocations, change in family size, or divorce among other things. The show must go on, but it will be done differently than it has in the last few years.

The prospective home buyer of this year will likely settle for less house than they would have five years ago but they will still want a quality home that they will be happy with for many years. Some buyers will still hesitate to purchase a home even with the real estate deals that are available today because they are waiting for an even bigger bargain. Many home buyers will have to continue renting to save up significant down payments to qualify for mortgage financing since the banks have tightened their lending standards.

It is likely that FHA loans will have a revival in popularity since a smaller down payment is required to qualify for these loans. These loans are expected to be a key instrument for homebuyers throughout 2009, especially first time home buyers. Some officials feel that these loans will have a great impact on jump starting the real estate market.

It is a fact that real estate agents will have to work harder to sell homes; homes will not sell themselves in the near future. Real estate agents will have to work as consultants with buyers and help them get qualified to buy a home; by researching what the buyer can afford and by helping the buyer find ways to obtain financing. Some real estate agents will have to relearn their job, it will require more to sell a home than sticking a for sale sign up in the yard and putting a few pictures in the local paper.

Research has shown that many buyers use the internet when searching for a home to purchase. Realtors will have to adjust to this surge in internet house shopping by providing more thorough websites with more virtual tours set up for homes they are trying to sell to attract out of state buyers. User friendly web tools to help prospective home buyers search for homes on the internet will be a plus for those realtors that want to attract buyers that can qualify for home financing.

Realtors are going to have to put one hundred percent into their work to locate buyers for their real estate listings and to help them find the help they need to get qualified to purchase a home. There won't be as many quick sales so the smart real estate agent will help those prospective buyers to ready themselves to purchase a home and hope that loyalty will bring them back when they are ready and able to purchase a home.

These trying times may bring us all back to reality and force us to adjust our ways to survive and possibly even benefit from the economic downturn that we are in. Home buyers will have to take a realistic look at what they can afford and what they have to do to get ready to purchase a home. Hopefully, when we look back at this period in history we will see that some good has resulted from this period of time.

Learn more about the []Alaska Real Estate market or search []Anchorage Real Estate on Ryan Tollefsen's Alaska Real Estate web site.

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