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2011-12-09 14:06:33
WHEN WILL HOME PRICES START TO GO UP?!

Well, let’s start by saying “I shook the Magic Eight Ball and “All Signs Point To Yes”!

Wow! This is the $64,000 question, right?!  And I know a lot of you are not wondering “WHEN” but “IF” prices will ever return to those heady days when most homes purchased enjoyed significant appreciation in price…a guaranteed investment.

In particular, if you were hoping to SELL you home, you aren’t likely to get the price you could have commanded 10 years ago.  That’s great news for BUYERS as long as you don’t intent to turn around and SELL that home in the near future.

Before we get too much into a ‘doom and gloom’ discussion, consider the following observations: Americans don’t stop working when times get bad – we still get up on Monday morning and head off to the office.  That’s a great thing because real estate prices going back up depends heavily on the jobs market.  If people have jobs and are earning money, buying a home becomes interesting.  When demand for homes goes up, the prices for homes goes up.  Simple supply and demand.

U.S. Housing Price Index Since 1900Also, a lot of home owners that lost their homes in the recession starting around 2007 will want to own a home again.  So, around 2014 (7 years later when the ‘foreclosure’ drops off their credit report), these previous home owners will hopefully be back in the market in a big way!  Let’s hope that 2014 is a good year for jobs and home sales!

Given all of the VARIABLES and UNCERTAINTY for our country, the economy, the politics, etc., the (optimistically) upbeat answer above (see Magic 8 Ball) may be as good a guess as any.   Personally, I have a more optimistic outlook for the upcoming years and I believe most working Americans do too.  And, I am a big believer in the power of group-positive-thinking.  Go USA!

Historically, this ‘gutting’ that the U.S./world housing market has taken will hopefully correct some bad habits we got into, such as buying homes in the first place that we really couldn’t afford, while putting as small a down payment into the home as possible, while running up our credit card bills and making no effort towards saving money – i.e. spending less than we make, putting the difference into investments.

For sure, there will be lots of people who will disagree completely with my opinion (it’s just an opinion)(popularly, the Rich Dad Poor Dad guy thinks owning a home is NOT an investment, that your home is NOT an asset).  What do you think…?

In the meantime, IF you are in the market to BUY or SELL a home in the lovely state of UTAH, may I recommend an experienced realtor, Eric Lee, who truly understands all of the issues.   Eric is at Equity Real Estate and he has the experience and the know-how to deal with your real estate needs, whether they are immediate or long term.  Give him a call at (801) 651-3071 or check out his website at www.easyutahhomesearch.com.  Another blog by Mark J Whitlock.

 
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2012-07-09 11:38:10
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2011-12-15 13:59:51
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2011-12-13 13:10:19
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2011-12-09 14:06:33
WHEN WILL HOME PRICES START TO GO UP?!

2011-12-09 13:00:09
For Sale By Owner! When it works, when it doesn't!

2011-11-16 13:41:17
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2011-11-04 17:17:50
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2011-10-26 14:36:54
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