I feel it is time to give my opinion about the current real estate market since we are getting close to the holiday’s and look forward to being with family and friends. Real estate typically goes into hybernation during these months and then the anticipation begins for the Spring.
What will the real estate market look like this Spring? I feel the Spring Market in 2008 will remain a buyers’s market because there will still be a large inventory of homes on the market which did not sell in 2007 back on the market again in the first quarter of 2008.
How will buyers and sellers adjust to new challenges? The next big challenge will be how both buyers and sellers adjust to short sales, foreclosures, and bank owned properties. Experts are predicting more foreclosures in 2008 and as a result the real estate market will have a record number of homes for sale in 2008. I do not see the real estate market getting back to a normal market for a couple of years. Short sales, foreclosures, and bank owned properties are creating a new surge of interest in real estate by investors. These investors are looking for deals and these deals are affecting the sale price of homes on the market. I do not believe the market will get back to normal until these investors start selling off their real estate portfolio or there become fewer foreclosures.
If you are interested in learning more about Short sales, foreclosures, bank owned properties or just interested in finding out more information on real estate matters please feel free to contact me personally .
