THOUGHTS FOR THE NEW YEAR
Hint: it's going to be a great one!
We want to take this opportunity to wish you all the best for the New Year! We appreciate your business and referrals and look forward to being of service to you in 2011.
We feel the economy should continue on a slowly improving path in 2011. Interest rates remain low, and there are plenty of real estate opportunities. These great values and low rates won't last forever. Interest rates have increased within the past 45 days. According to many economists and based on the supply and demand principal, the housing market will improve over the coming months, and with that improvement interest rates will rise.
In 2010 real estate sales in Nassau County were up 11% over 2009. This exceeds the national average of an 8% growth according to the National Association of Realtors. The largest and most surprising increase has been in the condo market which is up a whopping 107% over last year! We expect these trends to continue. Nearly 50% of these overall sales in 2010 were distressed sales(short sales/foreclosures/bank owned).
There is always some degree of uncertainty in the market. Many of us have not recovered emotionally from the financial crisis, even though some of our investments have rebounded. While sitting on the sidelines may seem safer, we may miss once-in-a-lifetime opportunities.
All the best in 2011!
Pat and Pam