Thanks for stopping by. I'd thought that I would write a little bit this Friday afternoon / evening.
I ran across a bio of a top producing agent in the Los Angeles basin area that I was shocked to see...
He stated that he is an amateur economist but he has been correct about the market trend for the past 15 or so years. Then without much basis or why, he stated that he expects the housing prices in the Los Angeles area to go down about 50% and about 25% nationwide over the next 5 years. Something you should know also is that he is primarily a listing agent, as stated in his bio. He has, and I know this to be true, been in the business and works lots of listings.
My thought after reading immediately is how did he come to this conclusion? Why didn't he elaborate on the reasons? Also, wouldn't the sellers reading the bio be scared into listing and selling right now thus creating even more listings on the market? Doesn't this scream "white flight" to you as a real estate professional? It does to me!
What do you think? Do you agree with him or disagree on the state of real estate? Does Wall Street Journal have it right in saying that we should be up, but barely in 5 years or is this guy the correct barometer in saying that we will see the bottom go out? Do you think that he should tell this to his clients even though he is not an expert at this?
Well, that is my 2 cents for this day. Take care and hope that you are doing well with your business and stay strong!