Wrong question, what you want to know is: should I buy or sell? The answer is no to selling and yes to buying. While everyone would love to buy at the "bottom" of the market, if they did it would no longer be the bottom. The volume would push the market back up. Soooo... you buy when it is most appropriate for you to gain the most value for you. Ergo, if you're an investor; is this a good return on my investment? If you need a home to live in; does it fit my budget and housing requirements? Will I personally be thrilled with my choice? These are the "right" questions.

That is such a broad-based question that is difficult to answer without a "crystal ball" & if I had one, I would not tell anyone but take advantage of it in a BIG way. No one can answer that question "specifically" as no one can perdict what "will" happen. What we, who deal with values each & everyday, can offer you is our opinion & I will be glad to do that. I appears values have stabilized due to lower inventories & continued, high demand. Now having said that, there are always going to be expections with individual properties due to unique circumstances but if you take the average median home sale prices, late in the 4th quarter it will likely report no change from the 3rd quarter. We won't see those statictics for awhile but in the real world of real estate I am involved with, we see "multiple offers" on almost each & every home listed we have that is competitively priced, with many times the selling price exceeding the listed priced due to buyers having to offer well above the listed price to have a stronger chance of the seller accepting their offer. All this equates to values holding closer to asking price & now many times being above that. This trend will continue for sometime you might see a slight increase in values as long as the supply stays low as the demand for homes will continue & assist that trend.

Craig Kudrle, Shear Realty

Its not scary because its going lower. The low prices and the first time home buyers will stimulate the economy. With lower mortgages, they will have more money they can spend on landscaping, repairs;etc. For your information, I just bought my first home for under $50.000. Its 15 yrs old and in mint condition. And I paid cash! I`ll have extra money to add a room, fix the driveway. The contractors are going to be busy.
So with property this cheap, people are going to do things they normally couldnt do with their homes. They will spend money on them!

That is a scary question. Especially when I've seen homes up there for under $50,000. I do think things will get a little worse before they get better, but, "how low can they go"?