Crye-Leike Realtors Housing Forecast For 2010 – ABC 24 Eyewitness News, Memphis
Story Link: http://www.myeyewitnessnews.com/news/local/story/Crye-Leike-Realtors-Housing-Forecast-for-2010/8P9pE2OTOEiE1ngtDYBdmQ.cspx
Last Update: 1/19 8:38 pm
Midtown Memphis, TN — It was a packed house for the Crye-Leike Realtors annual kick off party.
This is where the company’s president Harold Crye says to kiss 2009 good bye and welcome 2010 with open arms.
Harold Crye says, “We’re seeing for the first time in three years good activity. And, we’re seeing that good activity in all prices ranges including the high end.”
He says stock market investors are finally seeing returns and now have money to buy homes costing 5 hundred thousand dollars and above, that’s driving home prices up.
He says for the longest time people were only buying foreclosures and lower price homes.
“If you’re a first time buyer you would be absolutely crazy not to be looking right now because you have the government giving you a subsidy and you have the lowest interest rates in history and you have motivated sellers and many of those sellers are banks that are deep discounting.”
Crye says the government is still offering the first timer 8 thousand dollar tax credit until April, you have to close by June.
He says you can hold the house, rent it, then sell it and profit in four to five years when the market peaks again.
And, he says it’s not only a buyers market anymore.
“Last few years there were a lot sellers that said I don’t need to sell right now. I’m going to take it off the market. I’m not going to sell because I’m not going to give it away, so they took their houses off the market, we’re seeing them put their houses on the market because the market has stabilized and we’re seeing the prices move up.”
Harold Crye has just been named one of the top 100 most influential real estate leaders by Inman News, a company that tracks the real estate market.