I want to find out what the general thoughts are on the housing market direction in 2007. NAR economists are always quoted saying that the market is getting better, what do you think?
Why does it matter? Every market is different, what does a national average matter? Some areas are up, some down, some stagnant. Money can be made in all.
What Rich says…depends where you are looking. My market in Georgia is great. We didn’t have the incredibly stupid run-up of prices so we are not looking at any crash/downturn/correction. In any market you can find deals and make money. Just have to keep looking!
The market is different in every part of the country. Where I came from in NY is very soft now. I live in NC and growth is steady. You need to look at if you want to invest locally or nation wide and do the research as to where is the next boom, get in before the boom and your returns can be great. If this does not interest you only expect inflation at best to be in your favor for appreciation.
Median prices were up for 06. Number of houses weren’t though.
The reason I asked this question is I keep seeing NAR economists predict that the overall market will blossom in 2007. I never believe those guys, I prefer to listen to independent analysts.
I know that overall market does not make that much of a difference, I was just curious. I do hope that CA market tanks so I can get in on some properties close to home, but as of right now it’s not possible.
Based on historical data, I’m predicting that real estate market will decline in 2007. Inventories are high and increasing and we are approaching the start of an avalanche of foreclosures due to the loose lending practices of the past few years. Plus, things don’t go straight up forever and we’ve had a long housing boom. A correction is overdue.
Adding to the problem is that the dems and some republicans are itching for tax increases. Tax increases hurt the economy. I’m expecting a recession in the next couple of years, if not in 2007. The party’s over (and it wasn’t much of a party if you ask me).
This will be good news for landlords and bad news for flippers as the number of retail buyers will fall.
Great news for Landlords! High property tax, income tax, and Insurance result in high number of renters.