A recent report from the National Association of Realtors shows that experts are predicting existing-home sales to "coast" into next year.
NAR's chief economist, David Lereah, notes, "Overall home price gains will be modest. Home sellers are becoming realistic about current market conditions and are now offering more competitive pricing, in addition to some incentives or concessions - especially to help first-time buyers."
NAR also reports that unemployment rates and inflation are edging up. Freddie Mac reported last week that mortgage rates are up slightly following a rise in unemployment. How should this effect market numbers?
Existing-home sales are seeing a .06 percent projected decline for 2007. New Homes sales are expecting a more significant decline, at 8.7 percent.
Despite these numbers, conditions for buying are excellent. Lereah continues in his report, "We now have the most favorable market for home buyers in several years."
