As we wrap up the Holiday season with one more big bang to go we begin to anticipate what might be in store for us in the upcoming year. Will 2010 treat us better than 2009?  Let’s take a quick review of where we stood this time last year. Interest rates on Dec. 31, 2008 for a 30 year fixed mortgage was 5% Today the rate is again at 5%. The DOW was at 8776.39, today we are at 10548.51. The S&P has jumped from 903.25 to 1,126.42 and the NASDAQ has risen from 1577.03 to 2291.28. Quite a dramatic rise when some predicted that the DOW would plummet to 6000. The question of course is; is this real? Will we see another significant drop? Oh, if I only had a crystal ball. One thing that hasn’t changed is that all of us at Buyer’s Resource remain dedicated to serving you, the buyer, with the best service, knowledge and expertise. 

 

Most economists believe that the recession has bottomed out and we are on the upswing to recovery.  Of course until unemployment drops and some of the housing inventory is absorbed we won’t be able to really claim that the economic crisis has been alleviated.

 

What does this mean to Real Estate in the Yampa Valley? Because we are, in the most part, a secondary housing market the economy that hits the rest of the nation generally lags about 6 to 12 months before hitting us. Over the past couple of decades there have been several smaller recessions that have simply missed us altogether. Of course this also means that while other markets are seeing significant signs of recovery and increased housing starts and sales we still have significant inventory hat will need to be absorbed. This is further complicated by the current lending practices toward certain product types.

 

We at Buyer’s Resource of Steamboat always seem to have our glasses half full and see 2010 as a recovery year. We believe that Steamboat Springs as a resort and as a community has a lot of upside for the future. The pressure of the Baby Boomers retiring at a pace of 4 million per year for the next 16 years will continue and more and more of these folks are active and healthy and don’t wish to spend the rest of their lives playing shuffleboard and canasta. Steamboat will remain an attractive area to move, relocate and retire to and we, as a community need to be proactive in planning for this growth.

 We hope that 2010 is a banner year for all of you. We wish you all health and happiness in the upcoming year.

This entry was posted on Friday, January 1st, 2010 at 10:11 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.