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Opinion: Almost everything you read about the real estate market is 3-6 months old. Often, news reports are exactly the opposite of what is currently happening in the market.  For example, I read a lot of stories suggesting prices are declining.  Wrong! Prices are on the way up, they were falling 6 months ago.

  • Fact: We are currently in a seller’s market, not a buyer’s market. You will likely be bidding against multiple buyers.

 

  • Fact: In LUXURY there is no question that VALUES ARE DROPPING across the board.  The lack of financing continues to make it difficult for buyers to secure luxury homes. Until this changes don't expect values to increase.

If I was a betting man, which I'm not, I would predict that under $400,000 prices will level off in coming months after a short spike in values and that luxury homes will continue to fall through the end of the year and perhaps though the next.


Posted on: Saturday 24th of March 2012
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