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HOUSING MARKET PREDICTONS

I do not think we have hit bottom in the housing market as many people think.
We have at least another year of price decline and value shifting.
Acording to Jeff Otteau,of the Otteau Reprot, there will be at least a 1% every month
decline in values predicted for 2009.
 
With more homes being foreclosed on and more short sales turning up these days; values are adjusting in an un favorable way.
Is it a good time to buy?
YES, if your credit is good, your job is secure and if you plan on staying there for a few years. Rates this low make it a good time to buy, but it may take longer for your home equity to grow.
It is a very good time to buy!
 
Is it a good time to sell?
YES, because your home is worth more today than it will be tomorrow.
If you are going to wait it out for prices to come back up, it may be a few years.
You will certainly get more for your home this year than next year.
This spring will be a very good time to sell!
 
The economy and the housing market are like twins.
Similar in character, personality and in design.
The housing market recovery will help fix the economy.
The economy recovering will help fix the housing market.
 2 active wars in the world, loss of jobs as a daily occurrence and over 7% unemployment are all important players in our present perception of 2009.
 In my 11 years with PRUDENTIAL NJ PROPERTIES I have closed over 360 properties and have assisted and over-saw closings on 100 more homes.
 
I see light at the end of the tunnel but most likely not until late 2010 for things to begin to improve and stabilize.
President Obama's Economic Stimulus Package pumping money into our businesses and lifelines should bring lending interests rates down to under 5% and perhaps raise consumer confidence enough to induce spending and create new jobs.
We did not get in an economic spin overnight, nor will we get out of it
overnight as well.
 
Bob Idakaar GRI
PRUDENTIAL NJ PROPERTIES
1-877-744-4663 (home) 
Posted by Bob Idakaar @ 9:34 AM on 02/03/2009
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