2008 REAL ESTATE OUTLOOK

-Good Times are within Our Grasp-

I believe 2008 will be a transition year just as I described 2006. However, I trust that 2008 will evolve into a brighter time for those involved in the real estate game as opposed to 2006, which transitioned into the somewhat sluggish 2007 market. Some experts believe that 2008 will be our tunnel into the bright light of 2009. I agree.

As I have said in the past, there is no doubt that the real estate market has changed, but in our area, it was never as dire as the media would have us believe. What we saw this past year was fear. I believe with the ever-increasing consumer confidence due to lower interest rates, available financing, and buyer/seller awareness we will see that fear lift and the downtrend end.

The National Association of REALTORS® is predicting existing home sales and prices to stabilize and then rise throughout 2008. This is great news because we are in a better place now. Buyers, and especially sellers, understand what is going on.

The following is my short list of vital steps that must be taken by buyers and sellers to feel successful in the 2008 housing market.

SELLERS
-Be proactive in setting an effective price
-Remember this will not be a fast market therefore buyers do not be afraid of losing the property
-Listen to your agent when it comes to preparing the condition of the home for sale
-Be realistic and prepared for how many days the house will be on market to procure and close a buyer

BUYERS
-Put on your buying shoes and get out there
-Take advantage of the market and of the low interest rates
-Know that there is a lot of inventory available but finding “the one” means seeing a lot of homes
-There are foreclosures readily available, so if this fits your needs have your agent do a search for foreclosed homes for sale in your area.

Real estate is not always a win-win situation. Therefore, if you are a buyer and a seller the give-and-take game is probably in your future, so be ready. You may have to take a hit on the sale of your existing home but in turn, be able to purchase a larger home because of the great interest rates.