What's the real estate forecast for 2008? According to Banker & Tradesman (a weekly newspaper that focuses on the Massachusetts real estate market), it's mixed.
In a January 7 article, B&T reported that "those hoping for a housing market recovery in 2008 may be disappointed." A particular area of concern is steadily increasing foreclosure activity, which increases the supply of available homes, and puts additional downward pressure on prices.
In the same article, however, the head of the Massachusetts of Association of Realtors (MAR) was quoted as saying "the Massachusetts market has good underpinnings and is poised to recover." Officially, MAR projects that 2008 sales and prices will be about the same as they were in 2007.
How accurate are these projections? Well, let's just say that if anyone could REALLY predict what the real estate market would look like in 6, 12, or 24 months, they'd be very rich and living on an island in the Caribbean already.
From our vantagepoint, we are already seeing more activity this winter (in terms of showing appointments, offers, and actual sales) than is typical for December and January. Prices aren't increasing (yet), but as more buyers decide that it is finally time to buy, they should begin to stabilize.
Stay tuned...
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