I have said it before, and I will say it again, real estate always, eventually, appreciates. History has shown us, particularly in Southern California, that prices will always rebound.
That doesn’t mean that buying a home isn’t a serious decision in uncertain economic times.
But these prices may never come around again, because most economists are calling this a “once in a century” economic travesty.
UCLA EXPERTS PREDICT A RECOVERY IN THE HOUSING MARKET WILL SPUR THE ECONOMY. (Register headline Oct. 28)
The article predicts the bottom will hit in summer 2009.
They expect a fall of 9% in 2009 and then to rise just 3.5% to 6% over the next 4 years after that.
They predict a median rise to $523,563 in 2013. The thing about real estate, unlike other investments, is that it doesn’t go anywhere.
That house, or apartment building, or land, is a fixed object, a part of the earth.
As Will Rogers once said, “Buy land, God’s not making any more of it.” However, this is a somber time in our history.
Decisions are not easy to make. If you have questions on anything from loan modifications, to short sales options, or having home equity and needing to sell in this tumultuous time, I am here to serve you.
Please call my office for any questions or concerns regarding your situation.
Adam
Oh what a roller coaster Real Estate can be; hope all is well.
Sincerely
Tom Braatz
I love the image that you have used in your blog! I hope there will be light soon.
I agree with you Adam that real estate is cyclical and will take time to improve. I like your realtor Adam graphic at the top of your blog by the way!
Your absolutely right, the market will correct itself soon enough.