Housing Prices - Sinking or Soaring? Debunking the Myth
May 12, 2011

Over the past few days there has been much talk of a double dip in the housing market. Stan Humphries, chief economist from Zillow painted a pretty dark picture on prices and the future of housing. His opinions have been met with praise, fear or anger depending on who you ask.  Many have asked for my own opinion, since I spend so much of time doing short sales and helping home owners attempt to modify their mortgages.

Here is my opinion: I don’t care what anyone else is predicting.

It is a known fact the real estate prices are a local phenomenon. Perception is reality and the reality is some markets will continue to decline, other markets will flat line and in some (as in a very small number) markets may even see some type of increase.

Here is the point, for those who need a home and for those who see the value in owning over renting AND qualify for mortgage financing, now is a fantastic time to buy a home. If you are an investor when will be a better time than now to look for great deals on building a rent roll? To say real estate is on sale isn’t a strong enough statement.  We’re talking a major red tag event, so if you have the need and the ability get out there, then BUY.  

We will continue to see a steady flow of default real estate. With that said we will most likely see seasonal increases over the next few years.  Yes – years.  The great news is we are closer to the bottom than the top.  Searching for exact turns in any market is a fool’s errand and will be proven wrong.

Remember, when everyone comes back to the market it will be too late. There is great opportunity in this market and it will continue to grow for those who can see through the rhetoric and focus on the goal of home ownership.


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