The fresh scent of 2008 is already starting to make its presence known, masking the fading memory of 2007 that will remain everlasting in history books and the minds of those who accomplished their goals, found new opportunities, and made new connections. Real estate continued to show unfavorable signs this past year and depending on whom you ask, many investors and realtors are expecting to ring in the new year with a similar unenthusiastic outlook.
Is 2008 going to be the third consecutive year in a row where home prices plunge, existing homes for sale fester even more, and foreclosures continue to skyrocket? Not necessarily. If you keep up on real estate industry happenings, you’re likely already familiar with the NAR’s prediction of better things to come. Essentially, sales will increase and, subsequently prices will rise again in certain parts of the country.
If one were to take a look at the patterns of economics it could be argued these past three years have been part of the country’s economic recession which is either happening now or is about to happen pretty soon. Everyone knows the housing slump hasn’t done the economy any favors. Perhaps the NAR projections can spur buyers and investors to lessen the iron grip some of them have maintained on their finances and therefore stimulate sales back to a state closer to what they once were.
Predictions and projections are just that: things one believes will happen but has no hardcore evidence that says they certainly will. The outlook for 2008 looks good, tentatively speaking and using the hopeful NAR news. Putting aside the negative or positive figure you’re using to justify your outlook, perhaps it’s worth looking at 2008 by simply filling the glass but not deciding whether or not it’s half empty or half full, at least not yet.
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