The Most Asked Question
February 12, 2008
It seems that the question on many folks minds requires a crystal ball to answer.
It is some form of: How long will the decline in housing prices last? Are we at the bottom yet? When will we hit bottom? These are questions that economists often are asked. Some will offer an answer. Others will suggest what signs to look for that will indicate a bottom. One writer even went so far as to say that the bottom will be reached in June 2008. Some say 2009, others more pessamistically say 2111.
For those of us who have experienced other real estate declines, our experience has been that realizing a change has occurred (namely the market has "bottomed") comes more in retrospect that on any certain day, week, month.
I am keeping a watch on the number of units listed and sold each month just to see if I can spot any significant changes. Forecasting the future is not my goal. Being aware of market trends is.
In the meantime, I shall continue to read all the literature on the state of the real estate market and glean what I can from the experts. For those of you who are anticipating a buy, make your lists of needs and wants and continue to educate yourselves as well. If you know what type of property you need and want, and you find it at a price you can afford, that will be the right time to enter the real estate market.
It seems that the question on many folks minds requires a crystal ball to answer.
It is some form of: How long will the decline in housing prices last? Are we at the bottom yet? When will we hit bottom? These are questions that economists often are asked. Some will offer an answer. Others will suggest what signs to look for that will indicate a bottom. One writer even went so far as to say that the bottom will be reached in June 2008. Some say 2009, others more pessamistically say 2111.
For those of us who have experienced other real estate declines, our experience has been that realizing a change has occurred (namely the market has "bottomed") comes more in retrospect that on any certain day, week, month.
I am keeping a watch on the number of units listed and sold each month just to see if I can spot any significant changes. Forecasting the future is not my goal. Being aware of market trends is.
In the meantime, I shall continue to read all the literature on the state of the real estate market and glean what I can from the experts. For those of you who are anticipating a buy, make your lists of needs and wants and continue to educate yourselves as well. If you know what type of property you need and want, and you find it at a price you can afford, that will be the right time to enter the real estate market.
For those of you who for personal reasons will need to sell your present property, make your lists of improvements that will enhance the marketability. Contact a professional and experience real estate agent for input and for a market analysis and remember the mantra, condition, price and marketing.
posted by shirley harry at 8:56 AM
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