What will the market be like a year from today?

[Basikboy]

Considering my current circumstances, I think I will have to wait to buy my first home this time next year. Any Illinois agents reading this, what do you think the market will be like this time next year? Still a buyers market, will interest rates still be somewhat low? Thank you In advance for any answers. Have a great day!

[Saodavi]

I saw a graph listing all the subprime & resetting arms that are coming due. The bulk of them will be coming due this year and for all of 2008. After which, the market should normalize.

I'm not sure what that means. I suppose it will continue to be a buyers market all through next year. There will probably be plenty of forclosures, short sales, etc. during this period due to people being unable to digest their new, larger payments and/or their not having enough equity to roll-in closing costs on a re-fi. After that, I would expect things to firm up.

That's my 2% ... not sure it's worth much as it's all speculation.

[judyo]

I'm in IL but I cannot predict exactly what the market will be like next year. I'm sure IL has different "pockets" of active and inactive areas like it is throughout the country.

However, in my area (southwest Chicago suburbs) I'm seeing a downward trend of prices (and we have some of the lower prices in the Chicago area to begin with). It's almost a joke "advertising" a price reduction because everyone's doing it now which gives it little impact.

I also believe it will remain a buyer's market and once sellers and agents start to "catch up" on what this means (lower prices), prices will start to stabilize.

[Basikboy]

I am looking In the Northwest Suburbs of Illinois..

[judyo]

I tease my friends living up north that the prices are like CA. I think all the Chicagoland area is facing a downward price trend and I'm hoping next year will be even better for buyers as far as prices go. However, mortgage companies are tightening the ropes but with less buyers able to purchase sellers need to price better & showcase their properties as best as possible if they want to sell.

[avonreal]

it might still be a buyers market but recent reports say there's a record number of foreclosures, this might force mortgage lenders to toughen up and make it harder to get a mortgage. you better work on keeping a good credit score!

[Saodavi]

it might still be a buyers market but recent reports say there's a record number of foreclosures, this might force mortgage lenders to toughen up and make it harder to get a mortgage. you better work on keeping a good credit score!

This has already happened to a large extent. Plenty of foreclosures and oversupply make it difficult to sell. However, it's harder to get loans thus there aren't as many buyers.

If it's hard to sell and it's hard to buy, I'm not sure what kind of market that is. I suppose a *qualified* buyer would be in the best situation.

[ericbadgley]

It is hard to say I am not physcic

[Mack Perry]

If I had the crystal ball that would allow me to predict real estate prices or stock market trends acurately I would be retired by now.