Don't expect the market to turn around any time soon. Around the 10 year mark we should see real equity in home values going up gradually.
Excellence Real Estate
Also every area is different, you will find certain neighborhood is doing better, or certain blocks in that neighborhood are doing better.
To find an accurate answer, I need you to provide me with the areas you are looking and I can look at the pricing trends to know how its moving. You can call me or email me if you want to.
Great question. If any of us had a crystal ball we could tell you. I have a blog that you can look at to see what is expected for home prices in 2012. Check it out.
Basically there are always forces pushing prices up and down. The thing to pay attention to is which of these forces are strongest. Right now, yes, we have hit a low. Question is, can it go lower. Most hope not. But banks own a lot of properties and they want to get rid of them. Interest rates are at an all time low, but with the government printing money and increasing the M1 money supply, they cannot stay there forever. A big factor is the jobless rate. Unemployment has come down, but the big question is, are the numbers because more people are finding work or are more giving up looking. Unemployment figures only count those who are still looking and I can say that there are a lot that have given up.
There is a saying that those who don't learn from history are destined to repeat it. There was a run up in home prices around 1990. It bottomed out and took about 5 to 7 years to come back. One lady I talked to bought at the peak and did not get the same equity in her home for 10 years. I doubt that will happen in today's market. The climate today in the housing market is to think of homes as an investment and not a necessity for life. So, I expect speculation to come back. But, it will not come back as soon. People are investing in gold and other commodities right now. It will be when all the "funny loans" finally run their course that we should see some stable growth. That will not happen for another year or year and a half. Other than that it should be seasonal.
Call me if you have any questions and I can expound on some of the market indicators. There is a funny thing happening with inventory right now.
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Yoou are correct. we have hit the bottom and prices are starting to slowly cllimb. Do remember that all areas are different and some increase more than others.