Here is my speech when I am asked if the market will come back.
I tell them to go to any big hospital and count the number of babies that were born and the number of people who died there that day. On most any day the number of births will be higher.
People have lost homes have had to move back in with family, that is going to get old. They will move out even if it is just a rental.
Every day someone gets a new job, someone looses a job, someone decides to get married, someone else decides to get divorced. Children are born every day and people die every day. Someone gets sick or hurt every day. All this creates change. Someone will need to buy a home and someone else will need to sell a home. Life happens.
We will have another real estate boom and it will be followed by another bust in the future. Just look back at the real estate and stock market. We have always had up and down cycles and I expect we always will.
The key to buying a home is to stay within your budget. do not push it to the max, Do not buy something you must sell soon.If you put you-self in a position where you must sell fast you will loose your shirt in ANY MARKET! Young people should not expect to start out with something just as nice as their parents have that they worked 20 or 30 years to get. They need to plan on working their way up, not starting at the top. I also think you should pay off your home as fast as possible. I know many people to not agree with that but having your home paid for is a great thing. That may mean you hold off on the boat, fancy car, or whatever else it is you would like to have. You need a home you may want the boat or whatever but put your need above your want. If you have the house paid for and loose a job you can still be ok. If you still owe on the house, fancy car, and boat and went on a $10,000 vacation last year then loose a job you are headed for trouble.
Watch for jobs to come back. When they do real estate will pick back up. Bottom line, people have to earn money to buy anything espically a home.
My house may not be what it was worth a few years ago but it kept me just as warm last winter, just as dry when it raines and just as cool in the hot summer as it did 3 or 4 years ago. I need it regardless of what it is worth.
Last but not least my business is still good. I am thankful to be in real estate.
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