There has been alot of good news for home buyers recently, but now we are beginning to get some really good news for them (& home sellers). With the real estate market now on the road to recovery, there is no better time than now to buy a house.

Home prices are expected to recover in 2008 with existing home prices picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors. Both new and existing home prices are now expected to show a less than one percent gain in the second quater of next year, according to the latest forcast.

Lawrence Yun, NAR senior economist, said a good buyer’s market has evolved. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.”

Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last. New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multi-family units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.

Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800. The median new-home price should rise 2.2 percent to $245,400 next year following a 2.6 percent drop in 2007 to 240,100.

What does all this mean to historic home buyers & historic home sellers…
This is a very good time for a historic home seller to make his home attractive (price & condition) to a buyer and a buyer still has time to secure his dream home before prices and, possibly, interest rates go up. NAR has been very credible and was one of the first to forecast the extent of the real estate slowdown more than a year and half ago. This report is welcome news, indeed, and a balanced market benefits everyone.

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I have been approached scores of times in the  last year by historic home sellers outside of Maryland, Virginia & Pennsylvania for assistance in selling their unique historic homes. I am a licensed Realtor in MD, VA & PA and can only offer real estate sales services in those areas, however, my Historic Home Team has packaged our Historic Properties Marketing System to allow it to be effective for other Realtors or historic home sellers outside of the Washington DC area.

We can offer 2 levels of service.

1. Through our new www.HistoricHometown.com website, a historic home seller can upload images and information about their home for prospective historic home buyers to consider. This is fully self managed by the seller through our exclusive web based Listing Manager. If a historic home seller wants his historic home, for a period of 1 year, to be in front of serious prospective historic home buyers for the cost of a small classifed newpaper, then he may want to consider listing the property on www.HistoricHometown.com. 

The second level of service is our copyrighted “Historic Partners Professional Marketing Program”. It contains the guides and materials needed to elevate the marketing of a historic home to the professional level, broadening a seller’s search significantly for a buyer and increasing his ability to sell his property for the best price in the shortest period of time. We supply the historic marketing tools a seller and his Realtor need, and then add our expert internet marketing skills to ensure total exposure for the historic property. This is a comprehensive and proven marketing plan designed to sell historic properties. Details are availabe at www.HistoricHometown.com.

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