Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the National Association of Realtors.
With profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.
All Real Estate is "LOCAL" and conditions will vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a very good time for first time home buyers with a long-term view to test the housing waters.
Richard Strang
Seahorse Realty of Mattapoisett MA.
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