The Many Faces of the 2008 Real Estate Market
Oh wow, there’s been a lot said about the fate of the real estate market in a few short days since the onset of the new year and it’s no less confusing than what we heard in 2007. Steve McLinden of Bankrate says “…pounce on that…sweet deal. This cycle appears to be at or near the bottom.” Walter Updegrave of Money Magazine says “…given [the]…current state of the housing market, you certainly don’t need to be in a rush.” NICKDAWG of The Motley Fool predicts “…the high priced coastal markets are headed for a serious fall. As this plays out expect the…markets to tumble.”
One thing I’m confident of is that new home construction has slowed significantly and so have new home sales. I do believe that trend will continue in 2008. But not everybody wants a new home. There are plenty of people like me who prefer an existing home in an established neighborhood with a rich history of diversity and generations of homeowners. My personal (and professional) opinion is that the resale market will out shine the new home market and single family resale homes will continue to outperform condos. Prices on existing homes continue to come down and they are more desirable since they don’t carry some of the baggage condos do like HOA fees and rules governing whether or not you can park in the driveway or paint your door red (I love a red door!). Still, my opinion may or may not sync with other real estate commentators out there, and that’s fine. There is no real truth or farse in all the speculation, just a body of knowledge that you have to gather and mesh to the best of your ability. Ultimately, the true measurement of a home’s value is what you are willing to pay for it. Use the tools at your disposal to make an objective buying decision and – take it from Ben Stein - don’t be afraid to use your intelligence, your gut instinct and a little heart to negotiate the best price you can on a home you love.
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San Diego Real Estate Listings I Like (And Why)
Rotten San Diego Home Sales – What’s That Smell?!
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