I notice everyone is making plans for New Year's Parties. They seems ready to celebrate the end of this difficult 2007 year and celebrate the start of 2008. Everyone has hopes including me of a better real estate market in 2008.
Henry Fishkind, one of our local chief economists states that the bottom of the market has already happened. That we are beyond it. Is anyone experienceing that yet? I have had a increase of business in the last two months. Paving the way for a good 2008. But did we really hit bottom and are on the upswing? Seemed like the transactions I did were very favorable to the buyers in the transaction. They negotiated very good prices on already low priced homes. I still see too many homes on the market and prices still dropping. Has this changed in your market. We also have a glut of short sales properties for sale. This hurts the pricing for our normal sellers, those that are moving for job transfers, up sizing and down sizing.
Don't get me wrrong. I'm am feeling very optomistic about 2008. It is going to be a fabulous year! It will be a great improvement over 2007 and I hope to look back and say that was the bottom of the cycle.
I wish everyone a Happy New Year! I want all your hopes and wishes to come true in your real estate carreers!