Yes, I know. We've been hearing inaccurate predictions about the Real Estate industry for, well, years. But this recent poll of economists seems to indicate that we're (finally!) near the bottom of the home value skid.
Analyzing external influences like the homebuyer's tax credit and data from Standard and Poor's Case-Schiller Index, thirty three economists offered their views on housing prices. Most indicate that we're at a point where home prices are 'fairly valued', the report says.
Fair values are important to buyers, especially first-time home buyers who are most often on tighter budgets and who are also looking at entry level or more affordable properties. The economists expect prices to drop about 3% more from present values and bottom out in the second or third quarter of 2011. The report also indicates that it may take a lot longer for new home sales to rebound.
The link to the article is here: http://www.mortgagenewsdaily.com/01282011_home_price_outlook.asp
If you're considering a home purchase in my market area, feel free to call me. It would be my pleasure to talk with you about your goals and to assist you in any way possible.
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