Currently,in our area, home prices are holding fairly steady and will most likely do so for the next 2 months. Until the mortgage companies unleash the back log of foreclosures (caused by the "robo signing" debacle). This hold up has reduced the number of "lender involved" properties on the market, by roughly 25%. When these come onto the market , and at what pace, property values will drop another few percent. This, according to the majority of economists, will happen this fall. Home sellers should price their homes to sell now - they may not see the same values, again, for 2 years.
This fall will be "The" best time, perhaps in generations, to buy a home. Prices will definitely be at their lowest and interest rate will still be around historic lows. We expect a buyer frenzy, as wll as a great time for investors.
About the middle of the first quarter of 2012, will bring about the end of this market and the begining of next. We should begin to see an uptick in prices, which if all goes as economists predict, will continue until sometime in 2015.
It is necessary that we finish this correction. It is also worthy to note, as prices begin to "tick up" late winter/early spring of next year, they will be comming in off their lowest point...they will be comming off the bottom.
The people who buy this fall, if they hold onto their homes for 3-5 years, should see good appreciation. What has come down, will go back up. and once it is up, it will not do so forever.
Take advantage of the market, but I advise buying a house to be a home and not an investment. This fall will be a great time to buy that home.
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