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Nobody knows, anybody who gives you an answer is just guessing.1 of 1 people found this helpful
My guess: Prices will slowly, verry slowly, rise in the coming years. I will likely be quite awhile before they reach the unrealisic highs of just a few short years ago.
I agre with amspcs...Nobody knows. But I will tell you two things:1 of 1 people found this helpful
All real Estate is Local. What happens in Florida or Califofnia is not necessarily what will happen in Kansas or Texas. One must consider ONLY their local market.
The market is flooded with Foreclosures, Many of which are "upside down" in value; forcing short sales. Property values have been driven down by these "discounted" sales that skews the "comparables". Until these masses of foreclosures are purged from the market, the discounted values will continue to keep values low.
I would look for a very slow increase over the next several years.
It depends where you are at. Here in Montana, the economy took longer to get hit, but it has been hit hard and will most likely take longer to recover. That is what has happened in previous "recessions." However, It seems like some areas are on the outer edge of recovery, so you may see some housing prices on the rise in certain areas, but I would highly recommend being VERY CAREFUL if you are planning on playing with real estate.1 of 1 people found this helpful
i think prices will raise slowly
There's been a lot written about the housing market lately. The general assumption is that we will face another housing crisis in the very near future primarily based on the fact that jobs continue to slip away. But, that does not mean that rental property will not step up to fill the gap. As stated it really depends on your local market and 1) the number of rentals that are available (supply) and 2) the need in your area for housing (demand). Find out those answers in your market and you will know if the time is right.
As a side note: No one is providing funding for investor held property - not banks - not private lenders - they too are fearful of where the market is headed - especailly given the fact that we have yet to feel the impact of the commercial mortgage market.
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I have gotten into the Rental Business recently. My advice to you is to go to a place where the demand for rental properties is high. I am in the military, and there are thousands of families looking for houses to rent because they are always leaving. Go to any military town and you will not know that there is a recession going on. In fact, property values here are steadily going up. Like everyone says, it is a local market. I advise that you look around military towns if you want a higher chance of making money. However, rental properties require a lot of maintenance so keep that in mind.