What You May Expect from Real Estate in 2008 Some industry analysts predict that the market will turn around in 2008 believing that the overall economy and job growth will continue to move ahead at a decent pace, core inflation will remain under control, the credit crunch in mortgage markets is showing signs of easing, the supply-demand equation will be better balanced as builders begin to whittle down their excess inventories and that interest rates will continue to be attractive.
We tend to agree with the California Association of Realtors®’ prediction that we will see a moderate decline (between three and four percent) statewide in California home prices next year.
In areas where there is little new housing, where it is hard to build and where there is a wealthy population, we believe there may be little decline. The main reason is that there is limited opportunity for new development in these areas and therefore properties are likely to retain their values.
For Buyers The current housing market offers a unique window of opportunity for confident buyers. The exciting news is that for the first time in quite a while, the stars are in alignment for consumers: mortgage rates remain attractive and there is a large selection of homes to choose from. Furthermore, if history is any indicator, home prices in California remain strong. Thanks to these important factors, now truly may be the best time to buy.
For Sellers Homes are selling! They may not be selling at the red hot, multiple offer heydays of 2003 and 2004, but they definitely are selling. For those that aren’t, unfortunately those sellers may not be receiving the counsel they need to get their home sold in today’s market.
Now, possibly more so than ever, you need a qualified Realtor® who can assist you in selling your home. It is usually not enough to simply post your home on the MLS and post a “For Sale” sign in the yard. You need someone who understands the intricacies, inventory and challenges of your local market and someone who knows how to properly position your home so it stands out among the sea of listings currently available.
If you are considering buying or selling your home in 2008, we have the resources, knowledge and experience to properly represent you in today’s market. Contact us today for the expert representation you deserve.
David Webb Broker Associate Jean Matthews Realtor.