Bargain hunters will be happy to know that 2010 is expected to be the ideal year to buy a residential property for sale in Virginia and in the United States. Experts say that home prices will bottom this year down to the levels registered in 2003.
Despite this, mortgage delinquencies are expected to rise due to the high unemployment rate and to the fact that homeowners owe more on their mortgages than the property is worth. Consequently, the number of foreclosures will increase, because prime borrowers are more likely to default adjustable rate mortgages after the loss of their jobs. Fixed mortgage rates, instead, are expected to reach a record low.
The 2010 real estate market will keep favouring buyers over sellers; therefore, home hunters can weigh investment opportunities and make their choice after careful reflection.
President Obama has introduced a tax perk for first-time home buyers who can receive an $ 8,000 tax credit if they manage to close the purchase of their primary residence by the end of June. The possibility to buy a home in the USA becomes more appealing; anyway, buyers must be sure they can handle the transaction before starting it.
Sales and pricing trends are expected to vary considerably from one region to another in 2010. Property values will surely increase in some areas and decline in some others. The advice and professional assistance of skilled real estate agents – who know the national and local housing market deeply – become driving factors to make an advantageous investment in the USA.
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