What's in store for the new year?
Now that everyone has returned from the holidays, we enter a new year with new hopes and wishes (and for us, a new family member!) What does the new year promise for the real estate market? Dave Phillips, outgoing president of CAAR, offers his year-end report with a prediction for 2007.So what can we expect in 2007? “Balance” is the word for the year. The 2007 real estate market will be a rare year where all the market forces are in equilibrium. Interest rates will stay low, sales will stay solid (but not spectacular), the supply of homes will level off to offer equal benefits to buyers and sellers, and area home prices will increase at a modest (but healthy) rate. In short, everyone will be satisfied; no one will be ecstatic.
Sounds good to me. Let's hope for everyone's satisfaction in 2007!
Labels: 2007, charlottesville, real estate
