As a real estate agent I often get asked my opinion on home much longer it will be until we hit the bottom of the market. I sooooo wish I really had the answer to that!
I do however have a general opinion or guess. I have always thought that history repeats itself, and has alot to teach us if we would only take the time to look back.
Historically, as soon as common sense goes out the window, we are in trouble! Well we all know where common sense went in 03, 04 and 05. So here we are, in trouble.
For those who currently own a home - don't panic. Real Estate is not supposed to be about flipping and making money quickly (unless the property was distressed and it was remodeled). Real Estate is long term and should increase with inflation.
For those who currently own a home - don't panic. Real Estate is not supposed to be about flipping and making money quickly (unless the property was distressed and it was remodeled). Real Estate is long term and should increase with inflation.
Click on the link for graphed data:
I also came across another good article that tries to answer the question.
It was written by Chris Kaucnik is the director of marketing for Home Warranty of America, Inc.
Where are we in this cycle?: Here is their opinion:
If you are considering buying, I believe that 2009 will be a good year to buy real estate.
If you would like help navigating the maket with all of it's inventory, foreclosures, short sales and yes old fashioned owner occupied homes (not in a short sale) just call or email me.
Franziska Smith
Broker/Owner
Coastal Elite Properties
239-390-1150 office
239-940-2995 cell
www.LeeCollierHomesmls.comwww.CoastalEliteProperties.com
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