It's in the news.....
I've heard so much on the news and the news paper about the speculations of the Real Estate Market. I personally believe that the news being broadcast on t.v., in the paper, radio, etc. is what is driving the Real Estate market today. As were told and reminded daily how terrible the Real Estate Market is . Home prices are falling, the market is falling apart. Interest rates are rising, falling, foreclosure's are hitting record levels...Sound familiar? Its actually pounded in our heads, drilled into our ears, and shoved in front of our faces daily. The Real Estate Market rises and falls just like the waves of the ocean. Just not as frequent. After we had a few great years of a hot market, at which time homes were listed and sold before the ink had time to dry on the contract. Realtors were pouring out of the woodwork like ants feeding on sugar. Ethics were going out of the window, and investors were flocking in to make a killing flipping houses. The market was in overdrive and then, like a bad dream the wave rolled in and the market fell. Housing prices fell, the market shifted. Prices kept falling, homes sat on the market for longer and longer periods of time. No one is buying homes, hardly anyone wants to list because the market is slow. Sellers are afraid that they won't get value out of their home in this market. Buyers don't want to make an offer because they are waiting for the market to change and home prices to drop some more. Sellers don't want to list because the prices are to low and they want to wait until home prices go back up. Something has to change.
Just as the market fell and is in the process of re-stabilizing I personally don't think it could go any lower. So what happens next? It goes back up after the market has been at a hush for such a long time. It always has and always will, in my opinion. Remember in the 1980's when the interest rates were as high as 20% or more? Those interest rates were terrible weren't they? Compare that to now.
What happens when the prices go back up? When the market goes up, home prices rise and interest rates also rise. So listen to the news make your decision. Are you going to wait until the market goes up before you buy? Do you think its a good time to buy? Let the news help you make your decision, or decide for yourself. Just remember, there is someone out there that has to change jobs, relocate, illness, divorce or other matters force them to sell. Is there any quarantee that you will get the price you want for you home if you wait to sell at a later time?
Just my rants, raves and own personal opinion.