Charlotte Real Estate, Foreclosures, Short Sales

As we grow closer to the end of 2008, the main question for homeowners, homebuyers and everyone alike is what is in store for 2008's real estate market?  An interested article by Valuation Review predicts the following:

1. We will continue to see market adjustments.
We are not at the bottom yet and we will continue to see sellers facing challenges for 2009 as the inflated pricing from years ago continues to normalize.  Sellers will be competing against many foreclosed properties and builders cutting prices on their inventory to reduce holding costs.

2. Our New President's Plan.
President-Elect Obama will include a plan to help the housing sector includes a 10 percent mortgage tax credit for homeowners who don't itemize their taxes and a crackdown on abusive lending practices.

3. More foreclosure help.
A report released by the Joint Ecomomic Committee predicts 2 million foreclosures in 2009.  Expect more talks of bailouts program assistance and foreclosure prevention programs.

4. More Lending Regulations.
What got us into this mess will be fixed with stricter regulations.

5. Close reviews of mortgage applications.
Lenders now and in the future will be requiring borrowers to prove their income and eligibility.  Expect extensive income documentation.

Now is the time to get ready for bumps and fast and slow rides in 2009's real estate market.  Pricing your home correctly, and having good credit with strong documentation to prove your income will allow you to take advantage of a time when some will hate what is happening and some will love it.  Which one will you be?