Have We Hit The Bottom?
Posted by Erin (Lee) Muckerheide on Tuesday, January 19th, 2010 at 5:03pm.The Question I Most Often Get
Many people ask me, "Have we hit the bottom of the real estate market? Are prices going to go lower?". The answer is clear as mud. One thing is for sure, hind sight is 20/20 and you will be kicking yourself if you don't buy into this market!
Even within one geographical area, like the Twin Cities, the bottom will hit at various times. Each market is different, from neighborhoods to types of housing and every combination. What is consistent, is the general upward or downward movement in housing prices.
Our market has taken quite a hit. Our prices are the lowest they've been in several years. Has the exact type of home you would like hit rock bottom? It might already be on the upswing, or it might not quite be at the very bottom. Ultimately the exact day you buy will not greatly affect your future value. Keep in mind that you are still getting that home at a hugely reduced price to even five years ago, and long term, real estate appreciates. Add to that, the fact that new buyers can receive an $8,000 tax credit and current owners can receive a $6,500 credit (check with your certified public accountant for details). All this means that it really IS the right time to buy. I promise that you will be glad you did in five to seven years!
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