The answer will differ Property to Property and Block to Block and Neighborhood to Neighborhood and Town to Town and and and
It will depend on local factors..Employment, Income levels, Potential Growth, County Budgets, State Budgets, Services (Fire, Schools, Police, Road Maintenance ect.) and often those are impacted by National Factors (Grants, Funding for Projects, Matching Funds ect.)
Right now things are being impacted Heavily by a National Budget Crisis and an impact on Public Perception influenced by National Events..Unemployment, Foreclosures, failure of Loan Mods, Tax Credits and and...In other words the PUBLIC'S PERCEPTION of Events Nationally is impacting even those Local Markets that one could argue are stable to a degree where it is safe to Buy..
But as long as the Public's Perception tells them otherwise ya can blow all the Smoke and Data ya want...They ain't gonna listen...What would they hear anyway?
"It's all local, Interest Rates have never been lower, large inventory, Lowest Prices"..
That been the Pitch since 2006 by NAR and many RE Pros & now as far as most of the Public is Concerned the Industry has just been "The Boy who Cried Wolf" "Same ol Same ol"
IMHO the Industry/Agents/RE Pros have been using their Social Media "Expertise" to get Leads/Spam...They should have been using it to get Credibility and Build Trust...Image...
Now instead ya got a Depressed National Market & Image, few leads and a hell of a road to travel to convince People YOUR local Market is not the National Market cause they think yer just cryin Wolf again to find leads
Ain't sayin it's right or fair just that it is what it is and the RE Industry Locally or Nationally was not passive or innocent in making it that way..They would have been far better off IMO pushing for Real Solutions or Accountability for the last few years than in Lobbying for Tax Credits, Spending Money and Time on.."Good time to Buy" Campaigns
Real Time Table for Market Stability.....Depends on what happens next week, next year...just what happens next and what the RE Industry does with what happens