Real estate, like an commodity, will of course rebound. This is what makes it such an exciting time to be in real estate! For home buyer's that are speculating about purchasing a home, all I can say is DON"T! Right now is the absolute best time in history to make the investment in your future.There are SO many great deals, and combined with the low low interest rates, you simply can't go wrong. For sellers, trade up! You may not receive the price you paid for your home originally, or what you think your home is worth ,but the low cost of larger properties, combined with the current interest rates, will eventually more than make up for your losses. I am constantly searching for buyer's that I can assist, as I am so excited when I find that incredible deal, and want so badly to help people in this market. Great question!
However, a good place to start is http://www.car.org/marketdata/marketforecast/. The California Asso. of Realtors Market Data Report offers some concrete numbers that can help narrow down this answer and predict the future based on the past.
All assuming that the rest of the world will do ok.
Good Luck to you
Take care and all the best to you.
Edith YourRealtor4Life! and Chicago and Northern Illinois / Nort!rs, Sellers and Investors alike
Edith always goes the X-tra Mile with a Smile for all her clients
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Really. Who knows. Our marketplace has been very busy this 1st quarter, which is a good sign people are finally realizing that is may not get any better than now for a home purchase.
Housing is slowly recovering in some areas of the country. We won't see a complete recovery nationwide until the unemployment rate is greatly reduced, foreclosure and short sale inventories reduced, and the economic situation over in Europe on it's way to a resolution.
Buyer confidence has returned in some markets as they are taking advantage of ultra low interest rates, low housing prices, and a lot of inventory.
I suggest that you discuss how your housing market is fairing with a local real estate agent as they can give you the true picture in your locale.
Good luck to you!
Prudential Connecticut Realty
Millie C Lumpkin, SFR
The answer to this will likely be regional. There are already areas in which inventory is down, sales are up, and builders are building....unfortunately, this is and will not be the case throughout the country.
There are two looming issues that must still be dealt with before we will be able to enjoy a wide spread recovery....unemployment and home equity. Our national economy has to be viewed as the highest priority because without a stable economy the housing market as well as others will not be able to enjoy the success it did just a few years ago.
The housing market is a delicate thing and is impacted by so many different factors but at present there is none more critical that stabilizing home values. Buyers simply will not invest in property knowing that their investment will crumble before their eyes.
There is hope for a recovery but there remains to be tasks ahead of us that need very much to be yet addressed.