Two weeks ago, I was fortunate enough lecture LIVE with Suze Orman at the Road to Person Wealth Conference at Kean University in New Jersey. It was fantastic group of attendees. All wonderful people with lots of questions about what to do in today’s volatile Real Estate Market.Both Suze Orman and I gave 1 hour lectures. Afterwards we each signed copies of our books. Suze is amazing, and refused to leave until she had a chance to either sign a book or connect personally with each and every person waiting in line.
The big question at the conference was: What is happening in the market and where is it headed the next few years? I connected with Suze on this as well, and we are in pretty close agreement. So - Here’s my ball park projection.
We are looking at 3 more years of nationally overall flat markets. But it’s all about location…So – some markets especially the Sand states (FL, NV, AZ) MI, and WI are going to see more softening as the rest of the foreclosures hit the market and inventories are still high. However, some markets – metropolitan and higher end markets are starting to price stabilize. Stabilize does NOT mean big appreciation – it means less decline, no more decline, and some pockets of small appreciation.
After the 3 years, we should start to see some slow normal value appreciation. Thus, it may be a full ten years before we are back to a National healthily market.
Will home prices hit their price peaks from the frenzy back in 2006 – 2007? Not for a very long time, as there are now hopefully many more safeguards in place to prevent that kind of artificial run up.
For more information, tips and real estate advise or to order one of my books, please go to my website www.MichaelCorbett.com