Real Estate Forecast for 2008

More of the same. The real estate forecast for Greater Vancouver in 2008 sounds similar to our weather forecast. Prices, inventory and days on market are all expected to rise in 2008, as they have in 2007. Outgoing President Brian Naphtali spoke at The Real Estate Board of Greater Vancouver's Annual General Meeting held March 13th at The  River Rock Casino Resort in Richmond, BC. His President's Report highlighted real estate in 2007: Prices increased 14%. The number of sales increased 7% over 2006 making it the second highest year at The Board. Days on Market (the amount of time it takes a property to sell) and inventory (the number of homes for sale) also both increased. He expects prices to increase another 7-8% this year but the number of sales should decrease by 5-7% as inventory continues to increase. I am anxiously awaiting this increase in inventory. It will give Buyers so many more options and take away some of the pressure to make quick decisions in competition. The Days on Market part of the forecast is not as great for Sellers since it will mean staying in show condition longer. More days to make sure the beds are made, dishes done and clothes put away...but perhaps for a slightly higher sale price than last year, it will all be worthwhile!

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