Light at the End of the Tunnel

The real estate market has taken a turn for the worst in recent times, but we can see the light at the end of the tunnel? Everywhere one looks there are opinions on if this economic situation. Will it improve or continue on its downward spiral. As Tom Maeser, a real estate analyst for the Coastal Carolina Association of Realtors, stated “I think in the second half of the year, unless something terrible happens, we will start to see an improvement of pricing because I think we’ll have cleared out an awful lot of the problem properties”. Though prices continued to drop throughout 2009, real estate sales picked up the second half of the year. This is partly due to some of the government programs that were available to assist home buyers such as the buyer’s tax credit. However, the credits are only good for primary residents and we have seen an increase in not only houses but in condo and land as well. Though they may have been a big help in 2009, many of these programs will not be available in 2010. Though the economy is slowly recovering, it is recovering none the less. More jobs will be available and in turn boosting the real estate market.

I believe that 2010 will be a year stabilizing our the Real Estate industry, a lot of young adults are still having trouble getting loans and funds to make a living. Students and young adults are feeling this recession the hardest as the possibilities for loans and opportunities for jobs decrease. 2010 is a rebuilding year for all of us and we can only hope for the best and pray to start seeing an increase in jobs and funding. The Sun News stated that the banking industries slow recovery will continue to produce a high level of loan defaults and they will continue to operate with stricter lending requirements, which I know personally are very strict. Some businesses will fail, especially the ones who have already been struggling. Walt Standish, the president and CEO of the Myrtle Beach First National Bank, said there will be a tougher approval process for businesses and individuals looking for loans. Money is available and banks want to lend, it is just a lot harder to qualify. We feel 2010 will a recovery year and it will be touch and go with a gradual increase in sales toward the end of the year.