John Bendall owner of Re/Max Classic Group offers some optimism for the 2008 Market.

I have done my best over the last year to be the voice of optimism amongst the barrage of negative media attention dedicated to the Real Estate and Mortgage Industry.  After all the health of the Real Estate Market has a lot to do with perspective.  If everyone runs around like Chicken Little yelling about the sky falling it is bound to negatively affect consumer confidence, which in turn negatively affects the market.  So I am continuing to take the stance that things are only as bad as you perceive them to be. 

If you are selling in the current market, yes, you may not get as much as you would have previously.  But if you are buying you may be able to get a great deal.  It is true that you may have a little more trouble borrowing money for a mortgage, but on the bright side you can rest easy knowing that you will be able to pay back what you owe.  It is also true that there are some sections of the country that were hit much worse that we were in the last year.  Central New Jersey has faired pretty well comparatively, and that has helped to fuel my optimism. 

Going into 2008 mine may not be the only optimistic voice you hear, the majority opinion is that we have passed the worst of it.  The National Association of Realtors is predicting a slight increase in existing home sales for 2008. While the market may not bounce back to what it was a couple of years ago, things are not expected to get any worse.

As in any situation it is important for both buyers and sellers to asses their individual situation.  Just because you hear that the market is generally “bad” doesn’t’ meant that there aren’t a lot of good opportunities out there for people who are looking to make a move this year.  If you need more information, or help assessing your personal situation contact me at john@bendallgroup.com.  Have a happy and safe new year.

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