I just had the pleasure of hearing Lawrence Yun, chief economist for the National Association of Realtors; speak at the annual NAR conference in San Diego this past weekend.
Dr. Yun predicted that home sales will rise 15% in 2010, over 2009. It is his strong belief that the home values have over corrected and are due to stabilize.
While Dr. Yun’s opinions can be viewed as skewed toward the support of the organization he represents, he did come armed with strong data to substantiate his claim. Yun suggests there is significant pent-up demand, with 16 million renters with qualifying income to purchase the median home, compared to just 11 million in the year 2000. Expansion of the first time home buyer tax credit is also a factor that will contribute to increasing homes sales, Yun says. Pending home sales have also increased for eight straight months, and stock market wealth is on the rise.
If you are interested to buy or sell your Lake Tahoe home, please contact us.
-Bill Dietz, Principal Broker