The 2009 Nation Association of REALTORS® Conference and Expo was full of great highlights and guest speakers including Condoleezza Rice and William Shatner. Held in beautiful downtown San Diego, the expo gave Realtors a chance to see what’s going on in Real Estate now, as well as preview the upcoming trends. Of course, speculation about next year was a frequent topic of conversation for guests and presenters.

Amy Myers blogs about expected home sales increases for next year:

“According to Realtor.org, home sales are expected to increase in the coming year.  The tax credit has already shown to improve the market and the first time home buyer tax credit extension is expected to keep the momentum going, bringing additional ’step-up’ buyers into the market. 

‘Home sales will increase 15 percent to about 5.7 million units and REALTOR® income will be up 20 percent in 2010,’ NAR Chief Economist Lawrence Yun told a packed room of REALTORS today in a residential economic update at the 2009 NAR Conference & Expo.”

The NAR’s Lawrence Yun has been a source of positivity throughout the downturn. He was a constant reminder that, nationally, there are signs of improvement, even as the media painted a grim picture.  Now, as we enter 2010, Yun predicts home price stabilization in the near future.

Click through to read Amy Myers’ full post.

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Sensational headlines and juicy stats may make for good reading, but those looking for real housing market news may have to look to more reliable sources.  For REALTORS®, national data will probably not paint an accurate picture of your local market. If you are a Realtor dealing with customers who frequently bring up sensationalized data, take the time to look a little deeper and you might find what everyone else was missing.

Bob Phillips blogs about what the media missed in September’s new home sales report:

“Some days, newspaper headlines are a terrible place to get your real estate news.
After the September new home sales report showed sales volume down from August, the mainstream media jumped on the story:

* New Home Sales fall a surprising 3.6%
* Surprise Drop In New Home Sales
* Stocks slide as New Home Sales fall

But the headlines miss the point, somewhat. Yes, home sales volume is important to housing, but it’s not as important as home supply.”

Phillips continues his post by pointing out how the drop in home supply outpaced home sales, a positive sign that overshadows the negative numbers in home sales. By not focusing on the sensationalized data, Phillips is able to bring to light what is really happening in real estate.

Click through to read Bob Phillips’ full post.

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Home sales nationwide jumped an impressive 9.4 percent in September as buyers took advantage of the first-time buyer tax credit and low mortgage interest rates. Although sales activity is at the highest level in over two years, Lawrence Yun, National Association of REALTORS® chief economist, explained that a self-sustaining recovery is still a few quarters away and an extension of the tax credit will help that goal. As we await Congress’ decision, many wonder what will happen to home sales if the tax credit is not extended.

Ken Snyder blogs about why his local market may not be getting a boost from the first-time buyer tax credit:

“Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.  The rise in sales is generally attributed to several factors, namely the first-time buyer’s tax credit, rock bottom prices driven by foreclosure sales, and continued record low interest rates.  Combined, these factors have driven the percentage of first-time buyers to an all-time high.  But I think the reasons we see less of a sales rise in the Northeast in general are exactly the same one causing sales to rise more in other areas.  Let me explain.

The first-time buyer tax credit has been a huge driver in many parts of the country.  However, in the Back Bay and South End for example, where one bedroom ’starter’ condos easily cost $400,000 and up, the annual income needed to purchase a ‘first-time buyer’ home exceeds the income cap on the first-time buyer credit. So we see less of an impact from that program in our most expensive neighborhoods because most buyers make too much money to qualify for it.”

If the first-time buyer tax credit is not extended, the fear is the current momentum will not carry into next year. While the tax credit definitely has a postitive effect on the market, Snyder’s local data shows that buyers are still willing to purchase a home even without the incentive.

Click through to read Ken Snyder’s full blog.

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