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Top 10 Real Estate Predictions for 2008

Kevin Boer, Broker Owner, 3 Oceans Real Estate, Inc. ()

January 2nd, 2008 · 3 Comments

For my 2008 inaugural post, I thought I’d take a half-serious, half-whimsical look into my crystal ball and talk about what we can expect to see over the next 12 months.

  1. There will be a net outflow of agents out of the business, bringing Santa Clara county’s ratio of agents to annual transactions down to 3:1.
  2. Foreign investors will continue to snap up condos in the name-brand markets like San Francisco, Chicago, Miami, and New York. $1.5M for a nice condo seems cheap if you’re buying in Euros or Sterling.
  3. CAR’s standard purchase contract will mushroom from 10 pages to 15 pages and in addition to the “Endangered California Red-Legged Frog Disclosure” contracts will now also include the “Errant Golf Ball Disclosure” and the “Don’t Eat Asbestos Disclosure.”
  4. Google’s stock will drop to $300. Facebook will step in and buy Google. Newly minted Facebook millionaires will wander the streets of Woodside and Atherton, looking for a $4M home.
  5. The San Jose Mercury news real estate editors will learn the difference between “median” and “mean”.
  6. The San Jose Mercury news real estate editors will learn the difference between “Palo Alto” and “Kansas City.”
  7. Countrywide will magnanimously forgive one year’s worth of interest to all homeowners in danger of losing their homes.
  8. Sellers in tough markets will spontaneously offer their listing agents a 10% commission.
  9. In an effort to attract more buyers, some sellers will resort to selling $1 lottery tickets to open house visitors; the winning ticket gets the keys to the home.
  10. In danger of losing a major revenue stream, California’s Department of Real Estate will ease licensing regulations, removing the previous (unreasonable) stipulation that required applicants to prove they were alive.

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3 responses so far ↓

  • 1 Ann // Jan 7, 2008 at 9:27 am

    I was browsing the Web and saw your site. I love your January post. It’s witty, funny and insightful. References to the San Jose Mercury (I live in San Jose) are especially great! I’ve bookmarked you, and look forward to reading future posts by you and your team.

  • 2 Matt Collinge - the 604homesguy // Jan 9, 2008 at 10:03 pm

    Great post Kevin, I especially like the item 3. Our standard contract is still only 4 pages and then we add additional addedums pages as needed (always, unless offer is unconditional). I can’t imagine 10pgs.
    And item 8 would be great espeically here where commissions are some of the lowest in N. America.
    Happy New Year from Vancouver!

  • 3 Louis // Jan 13, 2008 at 10:46 am

    Thanks for an enoyable and sardonic view of the market.
    Here are my predictions for 2008

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