tag:blogger.com,1999:blog-10603079146405660752011-07-07T16:12:23.403-07:00Lance Maxwell, GRIhttp://www.blogger.com/profile/18226609298351156682noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-1060307914640566075.post-1919847304549482602009-12-28T14:55:00.000-08:002009-12-28T14:56:14.602-08:00As we close out 2009, we might be looking for a much brighter year in real estate. This year has brought us declining prices, short sales and REO. In addition, banks have instituted much tighter lending requirements so many home buyers find themselves still sitting on the fence. <br />One of the areas that have taken a hit is the rental market. Both residential and commercial spaces are seeing longer vacancy periods and the New Year may not offer much relief. If it is makes you feel better, you can take solace in the fact that this is not a local problem. Many countries’ economy is undergoing the same fate. Recently I was in France and South Africa and I could not help but noticing the “To let” signs. They were all over the place. (A little humor) :One person, mistakenly thought that the signs were misspelled. They thought there was an “I” missing between the “o” and the “t”… that was rather ironic, since the rental market seems to be in the out-house these days.<br />Many experts are predicting a positive up swing for 2010. Will it happen? We have to wait and see. In my opinion, the bottom cannot be too far from where we are, so in that sense we should be optimistic. <br />A lot depends on several factors: The FEDs (what monetary policies are implemented); banks (how they handle short sales, REOs and lending); First time buyers ( if their expectation for the coming year is positive enough to push them off the fence into buying); Existing owners (can they be more realistic about prices and stop thinking its 5 years ago)<br />As you can see, there are a lot of factors at work and its hard to think that the cards will be stacked in favor of a robust comeback. While I cannot speak for the rest of the world or the country (USA) for that matter, I would like to offer my thoughts for our local market-Los Angeles. I think we will see mixed results for the area in the next coming year. Vacancies in many areas should start evaporating as people get settled into the New Year. After all, “LA” is still the place to be- the weather, beaches, Hollywood, celebrities- you get the picture- If you don’t believe me just take a drive on any local freeway during on any given day and you will confirm my point. If you own units with vacancies in Los Angeles, or if you are an investor looking to pick up some units- you may very well ring in some green for you wallets.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/1060307914640566075-191984730454948260?l=socalunits.blogspot.com' alt='' /></div>Lance Maxwell, GRIhttp://www.blogger.com/profile/18226609298351156682noreply@blogger.com0