Home Buying in Du Quoin>Question Details

Debashlew, Home Buyer in Du Quoin, IL

Is the price of homes expected to fall by the year end?

Asked by Debashlew, Du Quoin, IL Wed Jun 15, 2011

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In my market, prices have been dropping like a rock since February.

In the shorter term (next 1-2 years), prices will not stabilize until the jobs market gets better. As long as unemployment is as high as it is, there won't be an increased demand for housing. If unemployment stays high for much longer than that, we may see prices stabilize anyways because population alone might increase demand. Hyperinflation alone might also cause a stabilization or increase in prices if it is accompanied by higher wages and stability in the jobs market, although high inflation up until this point has done nothing to prop up the real estate market since wages have been very slow to gain. Bottom line: There needs to be more wealth relative to housing supply to stabilize or raise home prices.

And with the idiots we have running our country, God only knows when that will happen.
0 votes Thank Flag Link Wed Jun 15, 2011
As the only agent to service all of Illinois' farm and lake communities statewide, I can say that price fluctuation is area and property specific. For instance, farms and lake properties are holding steady, tillable land is hot, while some small towns are doing quite well, over say the Chicago market. If you are in the market to buy, use a full-time, professional to assist you in finding the right deal.
0 votes Thank Flag Link Tue Jun 28, 2011
All real estate is local, but here's a new article that talks about the housing collapse nationally.
0 votes Thank Flag Link Wed Jun 15, 2011
I will tell you what I see, this is in no way an indication for the rest of the country, but in Florida the las few months have seemed to level off, and in a few cases it looks as if the homes are being priced better and that there might be a 1 or 2 percent rise in certain areas!
0 votes Thank Flag Link Wed Jun 15, 2011
Hi Debashlew, We wish we could answer this question for your state, however we thought it a great question for all of the USA and see if we can get many from all over to answer it according to their states.

In NJ we feel the prices will climb slightly over the summer and hold steady until next spring then it will rise slightly again. We believe this trend will continue for about another 2 yrs until we will see a higher rise with each new year.

as a note the Movie Too Big to Fail, has explained so much about what happened with real estate and that it never was real estate that was the downfall of the economony to begin with but because of what caused the fall real estate followed. Now it seems to us The Real Estate Market is fast becoming separate from the stock market etc and will not decrease any further than it has.


All the Best
Dave & Lisa
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Wed Jun 15, 2011
I agree with Anna's answer. We'll only know when prices are lowest when they start going up again. If you are thinkng about buying, this is a great time to buy. If prices fall by year end, it wouldn't likely be by a significant amount anyway.
0 votes Thank Flag Link Wed Jun 15, 2011
Yes, prices are still dropping. This is largely due to distressed properties.
0 votes Thank Flag Link Wed Jun 15, 2011
Unfortunately none of us can answer the question with accuracy, as none of us knows where the market will lead tomorrow or in the days to come....if looking to buy, buy when your are ready to buy and need to buy...
0 votes Thank Flag Link Wed Jun 15, 2011
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