Have We Hit Bottom in the Housing Market Yet?
July 23rd 2008 02:42
Probably not. We will probably slip a little further. At a time when people are spending more on gas and utilities, most are not thinking about a home purchase. Unless they are forced to move for their job and are lucky enough to sell an existing home, houses on the market are not going to move fast.
Houses are getting down to rock bottom prices. In many cases, this means they are slipping to where they were at five or ten years ago. For a buyer that can afford it, this is a good time to jump into the market. Once we hit bottom (probably in the next couple of months) you will see the market start to rebound. Once that happens it will be too late to get the best possible price.
The market will rebound, it is just going through an adjustment period right now.
Houses are getting down to rock bottom prices. In many cases, this means they are slipping to where they were at five or ten years ago. For a buyer that can afford it, this is a good time to jump into the market. Once we hit bottom (probably in the next couple of months) you will see the market start to rebound. Once that happens it will be too late to get the best possible price.
The market will rebound, it is just going through an adjustment period right now.
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Comment by S.L.
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