With 2007 almost at a close, we all have a chance to reflect on the year and project where our business will be next year. Will work be easier or harder in 2008? Has the real estate market bottomed? Do we still have a way to go? When will the real estate recovery begin? Please answer all 10 questions
- Mortgage Rates Lower or Higher?
- Credit Loosen or Tighten?
- Numbers of Agents in Your Market Up or Down?
- Real Estate Inventory Levels in Your Market Increase, or Decrease?
- Better Real Estate Market or Worse?
- Buyer's Market or Seller's Market?
- More Foreclosures or Less?
- Homes Sales Prices Flat, Rise, or Fall?
- Condo Sales Prices Flat, Rise, or Fall?
- Commercial Real Estate Stay Strong or Start to Soften?
My Thoughts for 2008
- From what I am following on mortgage rates, I do not think they will get any worse. I think we will enjoy reasonable rates for the foreseeable future.
- Credit I believe will tighten a little more before it moderates. There is a search for quality taking place!
- The numbers of agents will slowly go down as it idd in the late 90's and early 90's. First many agents will go to less expensive companies, and then many will leave the business.
- Spring markets will rise in inventory. Leveraged owners will realize they are not going to make massive profits!, and mortgage resets will increase ten fold in the coming year.
- Worse real estate market first half of year, leveling out in the last 2 quarters of 08'
- More foreclosures as 50 Billion of mortgage resets kick in
- Flat to softer home prices
- Home Sales start to increase as prices are more realistic
- Condo sales A year away from major recovery
- Commercial Sales Start to soften.
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