Wednesday, January 9, 2008

Thoughts on 2008 for Santa Barbara Real Estate

I was inspired to do a little something on 2008 and or maybe make some observations of my own about 2007 by reading this article from TheXBroker. I would recommend everyone read it. 2008 in Santa Barbara Real Estate I think is going to be the tail of 2 halves, almost like 2007 was but in reverse. The first half of the year is going to be when we see the housing market start to get it's legs under it. The sub prime crisis is going to slowly become less of an issue which will allow us to see fewer foreclosures on the market and create a scenario where buyers are going to start moving again. I think the mortgage meltdown that we have seen is causing some pent up demand that should start showing itself by the second half of 2008. So the first half will be the time where buyers and sellers are figuring out just where the price point is and getting comfortable with those numbers. From everything I'm hearing interest rates should remain low, which will allow properties to keep moving. I am predicting a 5 to 10% increase in transactions with a decrease of maybe 3 to 5% of the median price. I've never made specific predictions before, so let's see how I do. If you are interested in some predictions on what online real estate is going to do in 2008, check out the Future Of Real Estate Marketing. The Daily Sound also had an interesting post on 2007 the year in review. Good Luck in 2008 and See You In Escrow!

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