You need to pick a Realtor and give them the names of the neighborhoods and areas that you are concerned about. Let them run the stats on those neighborhoods for you. Some neighborhoods prices have started to pick back up, actually many neighborhoods prices are going back up. If you've been out shopping and making offers, you may be seeing multiple offers on many homes and find that you are getting out bid every time you make an offer. I personally am getting tired of writing contracts for the same Buyers over and over because we keep getting outbid even when we write the offers for over the asking prices. We are at the point with many of our Buyers that we have them set up on daily listing alerts, the second we see a new listing in the price range and area we run to see it and write the offer immediately until they finally get a house, but these are mostly buyers in the $200,000 to high $300,000's not in the $600,000 range yet. So what happens with the $600,000 range? The people that are selling their homes in the $200,000's to $300,000's are moving up and the $600,000 range is going to have the same problem for buyers as the lower ranges are seeing right now. You need to call a Realtor and look at the numbers, then decide if this is the time to buy your big house or if you should wait till the prices go up and the inventory goes down. If you have the statistics in front of you, you will be much better able to make your decision. The news is usually a few months behind what's really happening but the first time buyers and the relocation buyers have been buying up a lot of property over the last 3 or 4 months and the news is starting to report it. I hope you find your answers and make a good decision for you, of course non of us know if it will crash again or if we're definitely on our way back up, all we can do is get as much info as possible and make a decision. I hope you are able to Buy Low and Sell High, you don't want to wait until everybody else is doing something, when everyone else starts buying those high prices then it's too late for making a profit. Wow, I write too much, I hope it's helpful!
The Kinslow Team LLC