Highlights of Housing Forecast 2008: Jeff Otteau Report

Went to a great workshop regarding the Fall Housing Forecast presented by Jeffrey G. Otteau, State Certified General Real Estate Appraiser, and was surprised by the prediction that the housing market will redirect during the next 15 years from “…drivable suburban to walkable urban self-contained active adult” buyers whereby urban areas, especially those in close proximity to trains, will be the focus for Generation Y (Otteau Seminar, October 2008). Also, prices of homes have been steadily declining at the rate of about a half percent per month since 2005 and are continuing to decline at a rate of about one percent per month…..So in other words, if you are a seller and sell now you will get more than if you wait and sell later. For buyers, the best time to buy is now and if you wait until the bottom of the decline you will be too late. As soon as the real estate market starts to go up the best deals are gone. Another important fact for buying now is that the interest rates are still low – we might even see another rate cut. Pricing a home right is key for obtaining the highest price…..don’t be fooled by agents just trying to get your listing by telling you what you want to hear. For a complete “Right Price Analysis” with no obligation contact me.

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