The next 365 days in the Real Estate market will be the worst we have seen. We need four major key things to happen before we can confidently say that we are actually in a housing recovery.
The first thing we need is stabilization in the home prices. This will only happen when the massive amount of foreclosures are dealt with which may hit the market within the next 18 months.
The second is the stabilization of our banking system. Banks need to tighten back up, start turning a profit again and start paying back stimulus money to the Government.
As the first two are accomplished, the third becomes a natural fit...creating jobs. Confidence needs to be restored for the businesses in our country to grow and prosper.
When these three things come together, the economy gets stimulated. This is the fourth piece of the puzzle and the most exciting. When confidence is high, people spend, which means they have jobs they believe in and trust they will be at for a long time.
Entrepreneurs will emerge and new opportunities will appear. Our economic recovery will then be in full swing.
For now, invest. Now is the best time to buy.
;)
;)
It appears our market is in the recovery we have seen several months in a row of lower inventory and higher number of sales. The big test is to see average sales prices continue to rise. Hang on it could be a wild ride.