David Knox makes the point in his listing presentation that the only way we know what's the bottom of the market is when we look in hindsight. That is, once there is a trend upward, we can look back and say, "Oh THERE is where the market bottomed out" but by that time prices have already increased.
It's an important point in today's market. Why? Because buyers want to believe they are buyest at the lowest possible price and sellers keep hoping for a brighter future.
As Realtors, we, like the best economists in the world, can only give our best guess for economic trends.
Money Magazine thinks Grand Rapids has a positive future and our housing turnaround is not far off. In fact, in their May 5, 2008 article, they rank Grand Rapids in the Top Ten Fastest Growing Real Estate Markets. While their short-term prognosis shows a 3% drop in prices, they predict a 1.9% growth over the next twelve months and an 8.3% growth over the next five years. For the complete article, visit:
http://money.cnn.com/galleries/2008/moneymag/0805/gallery.resg_gainers.moneymag/8.html
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