2008 Market Outlook
2008 is here. What are you expecting this year for the housing market? Is this your year to make a move? Good news for buyers and sellers, because housing forecasters agree that in 2008 new and existing home sales and prices will bottom out this year, either in the second or third quarter. The National Association of Realtors is forecasting prices to stabilize and rise throughout the second half of the year, reaching 5.7 Million sales by 2009.
In the new home sector, sales will drop to 693,000 from 796,000 in 2007, NAR says. 2008 US economic growth is expected to average about 2.8% growth in gross domestic product. Since the housing slowdown in 2005, the economy has added 4 million net jobs, wages have grown by 8 percent, and household wealth has grown by $5 Trillion.
In the Spring & Summer 2008 foreclosures will continue to rise and buyers will still be sitting on the sidelines. Many parts of the country, such as Westchester, are doing well economically right now and buyers are still in the market in a significant way. However, forecasts are just forecasts and these projections could change due to political changes, war and peace, or Britney’s new album (sorry I had to take it there).
Adjust your seatbelts boys and girls, tighten your chin straps and jump in. By the time you get wind of the change, the good deals will already be gone. Start lining up your ducks, liquidate those assets, and let’s get ready to RUUUUMMMBBBLLLLE. See you in ’08.