This seems to be the question I get from my friends-at parties, dinners and relatives. “Dave, when do you think the real estate market will hit bottom?”

That’s the big question these days, and I’m not sure that anyone has a definitive answer to it. Some of the greatest minds in this sector of the economy are arguing time frames and dollar values with conflicting outcomes, reflecting large deltas in thought and opinion.

People posing these questions to me fall into one of two camps: camp one, “local and personal,” and camp two, “national and economic.” I try to assess the questions and determine what camp the curiosity is originating from prior to offering insight. I do this because I feel strongly that these issues cannot be defined on a national basis and can only truly be looked at on a local basis when determining “what should I do to position myself best in today’s real estate market?” I agree there is a national impact due to so many MSAs (Metropolitan Statistical Areas)reflecting slower real estate appreciation or even real estate depreciation; however, it would be a mistake for homeowners and potential homebuyers to take a “national statistic” into consideration when making a decision as to when to sell or buy a property. [Read more...]