Sep 28, 2008 5:15 pm US/Eastern
Rescue Plan May Mean Better Times For Real Estate
BOSTON (WBZ) ―
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The rescue plan could mean better times ahead for the real estate market, depending on consumer confidence.
WBZ
With the bailout looming, some of you are left wondering how it's going to affect you.
What if you're trying to buy or sell a home? The rescue plan could mean better times ahead for the real estate market, depending on consumer confidence.
Read: Congress Releases Draft Bill Of Bailout PlanLisia Morales is proud of her new home in Chelsea -- especially since she was house hunting for 9 months. "It took me 9 months. I could have birthed a child... Instead I birthed a condo."
Little inventory or money available for loans has hurt the Boston market. Real estate agents like Roy Avellaneda hope a potential government
bailout will lead to better times. "That's the key thing here," he said. "The bailout will release money so buyers can go out and purchase."
Avellaneda is selling units in a development in Chelsea's so called Box District. He says the bailout will help restore consumer confidence. "I think the real estate market will improve when sellers believe they will get the money they are looking for in their home."
But that confidence may be slow to come with the struggling economy.
Financial advisor Barry Armstrong says the bailout will mean lower interest rates and great deals, but consumers are still worried about job security. "I think people are tentative to go out buy a home because they are worried about their jobs. Look at unemployment it's skyrocketing."
So a government bailout should help re-energize real estate, but it may take more to win over shaky consumers.
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