2008! It was the best time to buy real estate, it was the worst time to buy real estate. This years real estate market is definitely going to be one for the books. To be sure, if you have shaky credit or an unsure employment picture this is probably not a great time to be trying to get a loan for a house. However, if you got the credit and the income, this market is offering once in a life time deals. Existing home prices are dropping by the month as sellers get more desperate to avoid foreclosure or other problems. New home builders have all but stopped new home construction, and are laying off workers. In fact, those builders who aren't offering deep discounts on the price of the house are throwing in more and more incentives just to move inventory.
It's also a mixed back for investors and house flippers. For the investors that have the cash to buy the properties, or who have a successful track record with the bank, it's probably business as usual. For the new or casual flipper who needs credit to make the next deal, the banks are closed for business. When will the market return back to a more predictable state, the pundits are saying anywhere from this fall to the end of 2009.
While 2008 promises pain for a lot of people in the housing market, it certainly won't be dull. If anyone has any horror stories or successes, let us hear from you.
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