I appeared on nationally syndicated morning show First Business X yesterday to discuss if housing has bottomed out. I am never one to make predictions, but I do think we are close to the bottom. However, there may still be a little more downward pressure on prices due to the continuing constriction mortgage guidelines in many areas. In addition, there is still a glut of inventory on the market, particularly with new construction condos. So the combination of still fairly high inventories and the difficulty of obtaining financing I believe there is still going to be some price drops in certain areas.
Nevertheless, I do think it is a great time to buy as there are some phenomenal deals in the market, particularly with short sales and foreclosures. Investors are coming out of the wood work like vultures to pick the bones clean.
The reality is that no one knows where the bottom is and by the time we officially recognize that we are at the bottom, the smart money will have already called it and prices will be higher. A wise man once said, if you read about in the media it is too late. Take it for what it is worth…
Here is the link.
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