Thread: prices at rock bottom

I've heard times ranging from 5 months to 2 years. Buy and hold.

We could probably see a slight increase or stability in prices over the spring through summer, but dip down again at the end of the year to new lows. And, again, picking back up in early 2009 for the recovery period.

Real estate is local and I think we will some markets continue to drop this year while others will start to recover. It really depends on your particular market.

I'm in the market for a house starting 6 months from now... I'll keep my eyes open and grab something and prepare for the next 2 years.

Originally Posted by DBQ

I'm in the market for a house starting 6 months from now... I'll keep my eyes open and grab something and prepare for the next 2 years.

I have to say that I agree with you on this tactic. It is going to be a "buy and hold" situation over the next couple of years. In other words, buy your house now, and hold it until the market makes an swing for the better. There aren't going to be very many quick profits in this market (or the near future market). Of course, this is generally speaking and completely my opinion.

My area is weird, Queen Creek Arizona. Part of it is in Maricopa County, where the actual town is. Part of it is in Pinal County, they use the QC post office, but are not privy to town services. So those homes are in these numbers too because of the zip code. Between both the areas I'm pretty sure the population has doubled or more, but I'm exactly sure on that number.

Here it is:

Month Year Homes Sold Avg. Sale Price
Jan. 2002 13 144,576
Jan 2003 41 170,110
Jan 2004 46 173,099
Jan 2005 122 224,058
Jan 2006 112 308,000
Jan 2007 109 265,835
Jan 2008 66closed 202pending/AWC 144,755

Based on this info, anyone have a guess on what will happen here? A report just posted in the paper this morning, something about we're gonna take another 30% loss by the year end. What say you? Especially if you're from the PHX-Metro, but please everyone fee free to offer speculation

Hopefully with a new president and a clear outlook for the US for at least the next 4 years, the economic situation should stable off a little just after elections - but nobody knows! But, if your looking to buy in a saturated market, buy now and take advantage of the blood on the pavement and make some money in a few years!

Don't buy a house like your investing in the Stock market. Buy because you like the property, location and plan on living there for many years.

If you are trying to time the purchase to get the bottom, you will never succeed. People who try to time markets never buy anything because they are so busy trying to figure out the impossible. Analysis to paralysis, and do nothing buy complain.

If anyone can time the real estate market, or stock market, please let me know.

When you buy stock and it goes down, what to you do? well you have 2 choices, sell at what the market will pay, or hold. Sounds a lot like the Real Estate market, hummmm........

For those who are 40 yrs and older will remember several downturns in the Real Estate market. All downturns RECOVER and exceed the previous upturn on value. Overall property values double in value every 10 years or less. It is the best investment you can possibly make.

No guarantees in life.

May-june 2008
That's my bet