I just received an email from a client commenting that he had heard that the Housing Market was going to bottom out the summer of 2009. This is something I encounter quite a bit, people trying to predict or asking where the bottom is. Here in part is my response to my client:
"..... As far as housing prices "bottoming out" around the summer, it is important to remember that Real Estate markets are local. So what may me true as an average on a national level, may have little to no bearing on what's actually happening in your local market. That is why I sent you that 3rd quarter market report. You can see what's happening in CT as a whole as well as view the statistics right down to your town.
Let's face it, if we could predict when the bottom of any market was we'd all be rich. The truth is that you usually don't know it's the bottom until things have started to swing back up. By then it's too late......"
I beleive that this is a great time to buy. However if you are waiting to find the absolute bottom to purchase, you are probably going to get burned. Take advantage of these lower interest rates and higher inventories while they last.
Remeber that every market is different, so when in doubt contact your local real estate professional.
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