I don't do this often...Stick my neck and guess, but so many people are asking me to that I went out to target and bought one of those eight-balls with the answers and I have consulted it and this is the forecast for Real Estate...Don't shoot me if I'm wrong, after all, if I could actually forecast these things I would be a multi millionaire and on a beach somewhere with no computer.
Here goes:Prices fall 5-8% over the next 12 mos, stabilizing in the spring of '09...stable thru the summer and the inventory starting to shrink in late summer causing a panic on the part of buyers-multiple offer in the fall of '09 and prices rise thru the winter as buyers gobble up inventory-OVERCORRECTION with prices slowing in the spring of '10 due to a slight over-correction.
Rates slowly creep upward after the election-although prices are slightly lower, payments are slightly higher due to higher rates.
CAUTION-Buyers may not even be able to buy at this time next year due to banks tightening up their guidelines...The buyers who are waiting for better prices are shooting themselves in the foot because they may have to put 20% down this time next year to buy, meaning they can't even take advantage of the sharpest fall in prices in history---thats bad planning!!!
Buy, Buy, Buy!!!
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