Existing Sales and New Construction Sales to Rise in 2010; Prices to Fall

Mortgage Bankers Association Chief Economist Jay Brinkmann predicted sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year, in a speech Tuesday at the organization’s annual meeting.

“We still see a concentration in the lower end of the market. The entry level homes are in demand”, Brinkmann said.

He also predicted declines in existing home prices, with the median falling to $164,200 in the first quarter of 2010.

Source: Associated Press

Let’s price our listings accordingly. The homes priced correctly will sell! If you need help explaining today’s market conditions to your sellers, I suggest you consider subscribing to Keeping Current Matters which gives you the presentation materials you will need to simply and effectively communicate this message.