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.
- 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.
- 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.
- 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.”
- 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.
- The San Jose Mercury news real estate editors will learn the difference between “median” and “mean”.
- The San Jose Mercury news real estate editors will learn the difference between “Palo Alto” and “Kansas City.”
- Countrywide will magnanimously forgive one year’s worth of interest to all homeowners in danger of losing their homes.
- Sellers in tough markets will spontaneously offer their listing agents a 10% commission.
- 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.
- 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.
Tags: Real estate, San Jose Mercury
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