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| Is the Buyers Market going to last?
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It seemed like overnight we went from a sellers market to a buyers market. For most Realtors this has been a struggle adapting to the new market conditions. Many of us were spoiled with the previous 5 years. So how long will the buyers market last?
Right now we are still experiencing high inventory levels. NAR is projecting that in 2008 we will see a drop in New Construction due to shrinking profit margins for home builders. This should help existing home sales. It should help to shrink inventory levels.
In the same NAR forecast states interest rates will likely average around 6.7% in 2007 and average 6.6% in 2008 on a 30 year fix mortgage. Gross domestic product is forecasted in 2008 to reach 2.8 which is up from it forecasted mark of 2.0 this year.
All these factors indicate a bright future for the Real Estate Market. Buyers should take advantage of the high inventories this year because they may not last.
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Posted by gmcgowan on 2007-07-16 20:15:02 | Rating: | Views: 67
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