Some hope for sellers in 2008?
Last year was a tough one for homesellers.
It took longer to sell homes in 2007. And when sellers did manage to move their residences, they usually nabbed fewer dollars for them.
But officials with the National Association of Realtors are spreading some hope: This year, they say, won’t be quite as bas as was 2007.
In the association’s latest forecast of housing prices, which you can read here, officials with the largest trade group serving real estate agents said that housing prices in 2008 should initially hold steady and then begin rising later in the year. Prices should increase in 2009, too, the association says.
The association also predicted that existing-home sales in 2007 will probably hit 5.66 million, the fifth-highest year on record. That figure should increase to 5.70 million in 2008 and 5.91 million in 2009. That’s a nice trend upward. However, keep in mind that sales hit 6.48 million in 2006.
Of course, it’s hard to believe we’ll be seeing 2006 numbers again any time soon. This may not be a bad thing. Housing prices skyrocketed too high too fast, luring too many buyers hoping to treat real estate as a get-rich-quick scheme. Today’s market may be a painful one for many, but it’s also a more realistic one.
And, if the numbers by the National Association of Realtors are to be believed, one that’s going to be around for a long time.
Tags: 2007-home-sales, housing-prices, National-Association-of-RealtorsRelated Stories
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