If you thought the last couple of years have been huge – for better or for worse – to the world of real estate, just wait and see what 2008 will bring!  In many ways, we’ve already pushed our way through the worst of the troubled times and the new year should bring some much needed stability to the market.  But in other ways, we’ve only struck the tip of the iceberg.

Looking forward, let’s take a look at what 2008 is likely to bring for real estate…

Start the Year with a Bang – It’s been predicted that many sellers out there that have had trouble moving their properties over the year will relist and try it again with new selling contracts as the peak buying months of the year approach in 2008.  If that’s the case, listings will increase with a bang in the first part of the year before people begin to change their minds about selling.

Let the Buyer’s Market Begin – If you thought that we were already in a buyer’s market now, just wait until things really start rolling throughout 2008.  While some bubble markets have probably experienced the worst of it by now, many areas of the nation are only just beginning to experience some of the effects of what’s been going on for the last couple of years.  Buyers, get your checkbooks ready for the deal of a lifetime!

Part Time Real Estate Agents No More – The serious will get intensely serious and the hobbyists will have to find a new hobby.  The days of getting that real estate license just to enable a quick profit every time a friend or acquaintance makes a real estate transaction are over.  For 2008, expect to see fewer practicing real estate agents than ever.  But don’t be surprised if these dedicated and persistent performers have the best year they’ve ever had financially.

Expect Even More Foreclosures – This issue is likely to get somewhat worse before it takes a turn for the better.  People have been pushing the limits for awhile now and even with some of the new government proposals to help solve the subprime crisis, many of those that have been teetering on the edge will finally find themselves up against the wall that’s called foreclosure in 2008.  It’s bad for the troubled homeowners, but good news for distressed property investors.

Prices Look To Find Their Level – With some more potentially uplifting news for the new year, many are expecting home prices to drift slowly downward and finally settle out at a level that the market can bear.  This doesn’t sound too appealing to current sellers, but prices do have to find a new base before then can begin to rise again.  And at least we don’t expect any rapid declines for 2008 unless something drastic shapes up.  By this time next year, prices could even be on the rebound.

Again, looking forward to 2008, we can expect to see many things happen in the real estate market.  Thankfully, most of the indicators show that the big happenings will only be a further continuation of what we’ve gone through most recently.

Stay tuned for our next feature in our “Looking Forward” series…  What Will 2008 Bring for Home Lending?