Read the complete upbeat article here from Realtor.org. Hip Hip Horray, the National Association of REALTORS Chief Economist Lawence Yun sees sales and prices rising in late 2008 and getting even stronger into 2009. He also sees the declime of subprime lending practices which has caused problems for so many.
Prices should also turn around but will vary by market. Predicted good news for most areas are shown below. While Milwaukee and other midwest cities have been lucky to not have huge real estate decreases, again, when the turn around comes, we are expected to see very respectable gains in the 20-30% range! More volitile markets may rebound even more dramatically.
"Middle-America cities that performed evenly over the past few years – like Cincinnati, Milwaukee and the Kansas City, Mo., area – are likely to experience home price gains in the 20 to 30 percent range over the next five years, while markets like Miami, Las Vegas and Phoenix could see prices go up as much as 50 percent during that time period, Yun said."
So the message is NOW is a time of opportunity! Buy when the buying is good. Real estate is cyclical, buyers markets last only so long. It looks like we are nearing the end of the current market dip. Buy Low… hold for a decent amount of time, and sell high!
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