As the year draws to a close, several online real estate information sources have released their predictions for the housing market in 2009.
HGTV’s Frontdoor.com says 2009 will bring additional adjustments in home values and buyer expectations. The real estate listing service also predicts that homeowners will receive some assistance from the federal government to prevent foreclosure, and it forecasts a slow recovery in the housing market beginning late next year.
Other predictions by Frontdoor.com include the increased use of video, Webcasts and mobile search tools to sell homes; more thorough reviews of mortgage applications; restored calm in a restructured banking industry; wiser consumers who have a better understanding of mortgage, credit and real estate; and leaner, greener home buying.
RisMedia’s Real Estate magazine logged several paradigm shifts that it predicts will affect the real estate industry in 2009 and beyond. These include: a new economic reality; waning consumer confidence; changing lending rules; the need to control costs creatively; adopting green initiatives; greater transparency; agents who differentiate themselves by becoming expert resources; embracing new ways of doing business; understanding multicultural markets; and adopting new technology.
ForSalebyOwner.com projects that home sales and prices will continue to fall next year, while the Internet will play an even more prominent role in selling homes, as many real estate Web sites make it easier to complete transactions online.
The site also predicts a decline in the ranks of real estate agents and brokers in 2009. Other predictions include: more online home searches; rising agent commission rates to compensate for lower sales volume; more consumers who resist paying real estate commissions; increased competition following the settlement between NAR and the U.S. Department of Justice; and increased number of lease-to-own transactions.