Let me get my crystal ball... hmmm murkey.
We can not predict the future. We can only really look at what is right in front of us. So to look at the downfall of homes in the U.S. is not an indicator of our local market. So let's look at what is going on right now.
> Interest rates are at their all time lowest, about 5%. For every 1% interest increase that is a 10%
decrease in buying power.
> There is stimulus money the $8,000 tax credit and $6,500 tax credit. Yet the people using those credits
were considering buying anyway, it's just helping them to do it sooner. So although that will go away as
of 4/30/10 it just means buyers won't be inventiveness to act now.
> Unemployment and local commerce needs improvement.
> More banks are working on Short Sales and Loan Modifications, so even though there are still distressed homes they may not all hit the market and the flood of foreclosure homes may not happen.
> Commercial properties are the next to hit, and that is a factor to the other real estate sector.
> There are several private and non profit programs still available for first time home buyers, these include down payment assistance, no payment 2nds, equity share, and closing cost assistance.
These are just a few. In our area we are experiencing what looks and feels like the bottom, the indicator is multiple offers on certain priced properties. Not all properties, but the first time home buyer properties. This should help the "trickle up" ... seller's looking to move up once they sell their other property.