Good news for buyers - Traditionally Real Estate prices either flatten or decrease in the fall and winter. So, if you are looking to buy now may be the time you've been waiting for. You do however have another option. Wait and see if the prices continue their downward trend in '09. If those who predict that they will are correct here is what will happen...prices will trend up for a bit in the spring, if they don't hold you'll see them begin to trend down in the middle of the summer and more so in the fall of '09.
WARNING: Remember Real Estate is Local - If you are in a declining market with high unemployment, etc. then waiting maybe the best choice if you are looking at price only. Keep in mind though that you also need to factor in the cost of renting, the possibility of higher interest rates, etc.
Bad News To Real Estate Services - Things do not look good for Real Estate Services companies, especially builders. This is the time of the year that they typically begin layoffs. Many have been doing layoffs and closing offices all year. They are not done!
Good news for '09? As the foreclosure inventory begins to be bought up look to see people pumping money in to these properties. Remember many of these properties have been trashed and they will need rehabilitation. That will be good for handy men, building supply companies, etc.
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