The NAR (National Association of Realtors) forecasted Tuesday (11/13/2007) that "A modest recovery for existing-home sales is expected in 2008 as the impact of the credit crunch subsides, while pending home sales indicate near-term stability".
The NAR expects existing-home sales to total 5.67 million units this year and to edge up to 5.69 million in 2008. There is a nice indication that the real estate market will recover the minor setback of 2007.
Just to mention, in 2006 the number was 6.48 million and it was the third highest year in record. Experts say it is very normal that the year after such a huge boom, market goes somewhat down. But it is great to see how the real estate market have recovered soon and showing a steady growth in coming years.
And this is not something unexpected from US real estate market that has always been a better long term investment option then regular stock market investments and others. The real estate market can offer you something around 4 times more retail value in 10 years compared to a stock market investment for the same period.
And what do all these mean for an aspiring real estate broker?
If the market is showing such a steady growth, employment opportunity as a US real estate broker will naturally become a more worthy decision in coming years. When they have such a huge and booming industry to back their career, what else they would need?
And do you remember the recent boom in job market in Phoenix when there were 65000 new starts in 2005!
