We can speculate and pontificate at length â€¦ but we really donâ€™t know for sure.
Here are some posts that may be helpful:
Sellersâ€™ Market Goes â€˜Insaneâ€™
Midwest Drought Mirrors Current Housing Market
It would be wonderful if real estate agents could predict the future! The other responses are good ones...the current "growth" in the housing market is mostly driven by low supply, and low interest rates. How long these conditions will continue can only be speculated upon.
My questions for you: what motivates you to buy a home now? Will you be living in the home for the foreseeable future? Is it an investment? Will you be living in the home or renting it? How will you be financing this purchase? Your answers to these types of questions may be a better indicator on the best time for you to make this purchase.
All my best to you!
Alain Pinel Realtors
When will the market go down? When there's more sellers than buyers. Just don't see that happening anytime soon - bigger problem IMO for you is competing with cash investors who can get better returns in real estate right now than in the stock market.
One of the biggest factors in the most recent housing bubble (which has caused nearly our whole economy to burst): was ridiculously low standards in the housing finance market.
Where are the buyers coming from in this current market? A HUGE percentage are all-cash buyers. In some local areas, they represent 50% of the market. The balance are obtaining financing with Conventional and FHA financing.
Those obtaining loans now are going through a RIGOROUS underwriting obstacle course. Just ask any buyer who's purchase a home with a loan in the past 3 years. And it looks took get even more stringent next year.
As Carl states below, the lack of inventory is also a major component of the current boom.
I wrote a brief article about the market back in August (see post below), and summed it up with my outlook to the future....