Well, very good question....wish someone would know the real answer for sure. In any case the "figure" we keep hearing all the time is sometime in 2009/2010 and of course that also depends on what region the property is located at. Places where the job market is strong, like San Francisco and others, will see a come back sooner than others.
Generally most reports I've read tend to lean towards a couple more quarters of this slump, but things beginning to improve in the next year.
Ask Realtors...they have no bias, no self-interest and they can earn a living whether folks are buying homes or not...
That is a fantastic ABC news report and it states FACTS. Where are your facts to back up the statement: "Long term the right real estate is the best investment you will ever make"?
Will you guarantee your client's investments in real estate? If I were to buy a home through you tomorrow, would you guarantee me that it is the best investment I will ever make?
How about guaranteeing all your clients they will not lose money over 10 years, or you will give them their entire commission check back?
Then, yes, maybe we can ask a Realtor for advice...
Erica Pittman-Gaynor here.
The predictions here in California (I'm in Santa Cruz, specifically) are that prices will most likely continue to decline over the next two years, about 10% per year. Then they will take another couple years to get back to where we are now so it could 2012 before we start to see a rise in prices. Perhaps even longer depending on the next two years. It is an excellent time of opportunity, especially here in Santa Cruz, to buy what we consider affordable properties for our County. Some people want to wait to buy but if interest rates increase it will lessen their buying power. Also, we won't know we've hit the bottom until we start to go back up. Then the media will scream BUY, BUY and there could be a flurry of activity which will change the supply & demand dynamic we have now. It's going to be a very interesting four to five years but savvy buyers will see this as a time of opportunity and come out ahead of the game if they can buy now and hold on to it for 5 or more years.
Hope this helps, don't hesitate to contact me for further information in our area.
Have a great day!