Home Selling in 91203>Question Details

Nicoled13, Home Owner in Prescott, AZ

when the home prices are going to go up again? now the home values are really down compare to few years ago !

Asked by Nicoled13, Prescott, AZ Sat Mar 10, 2012

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The market for the next 10 years easily will compare to this; remember when you were a kid and you could skip a stone across water? The market will copy that exactly for the next 7-10 years with these small fluctuations of homes going up and down in value.

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.

Jonathon Villaescusa
Excellence Real Estate
Web Reference: http://ExcellenceDuo.com
0 votes Thank Flag Link Wed Mar 14, 2012
There are lots of foreclosures scheduled to happen. However, the government is stepping in to help the financial institutes maintaining the housing market to prevent it from completely collapse.

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.
0 votes Thank Flag Link Sat Mar 10, 2012
In my opinion the prices are probably going to stay where they are for at least another year or two but who knows. The banks still have a lot of properties to sell.
0 votes Thank Flag Link Sat Mar 10, 2012
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.

Tommy Lee
DRE #01723594 SFC (Short Sale & Foreclosure Certified)
Premier Service® Professional
говорю порусскии
0 votes Thank Flag Link Sat Mar 10, 2012
Hi Nicole,
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.
Web Reference: http://www.FrankDolski.xom
0 votes Thank Flag Link Sat Mar 10, 2012
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