John Bendall owner of Re/Max Classic Group offers a forecast of what to expect from the Real Estate Market of 2008.

At Re/Max Classic Group and all over the nation we have seen a shift in the Real Estate market over the last year or so.  In 2007, in our area the amount of available inventory has grown, offering potential buyers a wider choice.  With more competition for sellers time on the market has increased and prices have leveled off somewhat. 

What can we expect in 2008?  The following are predictions from the National Association of Realtors for new and existing home sales.

The National Association of Realtors said it expects existing-home sales to rise to nearly 6.4 million in 2008, up from the 2007 estimate of more than 6.1 million. Nearly 6.5 million existing homes were sold in 2006, the association said.

As for new homes, sales are projected at 865,000 in 2007 and 878,000 next year, but the 2008 projection would still be down more than 20 percent compared with the nearly 1.1 million new homes sold in 2006.

More than 1.4 million housing starts, including multifamily units, are forecast this year and in 2008, but that is down from 1.8 million last year.

Existing-home prices are expected to gain 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800, the according said. The median new-home price should rise 2.2 percent to $222,700 next year after a 2.6 percent drop to $240,100 in 2007.

For the complete article visit http://www.msnbc.msn.com/id/19710279/

2008 should be a great time to make a move.  Contact me at john@bendallgroup.com for more information.

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