Nostradamus Predicts Real Estate Market Trends for 2010?
Ok, so obviously there’s nothing in Les Propheties
that I can think of that predicts any real estate market. But if I was Nostradamus, here’s what I’d
predict:
“ Your local housing market will be one of the
following; up, down or the same.”
Whoah, Ed….prolific
yet prescient. How can you be so sure?
Ok, so obviously I cast
a little doubt on “experts” predicting the market. But I think primarily it’s
because the information the general public receives on a daily basis seems to
manifest more personalities than Sybil.
I mean, one look at
the articles in today’s media, and surely (bolding for sarcasm) one can get a
great sense of what’s going on.
Example numero uno.
Here’s two recent articles…tell me which one you believe:
vs.
“Home Resales at Highest Level in Nearly 3 Years”
Headlines aside, let’s look at the
two main themes of these articles:
“The
number of people preparing to buy a home in November fell sharply in the latest
sign that the housing market, which had been rebounding strongly, may be headed
for a “double-dip” downturn over the winter.”
vs.
“Sales of previously occupied homes surged in
November to the highest level in nearly three years, spurred by federal
subsidies for starter homes and a massive Federal Reserve push to drive down
mortgage rates.”
Example numero dos.
Construction
of New Homes rebounds in November
vs.
Construction Spending falls more than
expected
Huh? What? And both of these articles came from the
same news outlet (MSNBC, whose coverage I humbly admit I usually tend to like).
And though while the title of this
final article is quite vague:
“Home prices rise for 5th straight month”
..one of its key points was this: “Prices have climbed for at least six months in a row in
Denver, Washington, Minneapolis and San Francisco. But in Chicago and Tampa,
Florida, prices are down by more than a percent from September.”
Its premise points to one clear
truism: all real estate is local.
Thus, NostraGoryus was right…Your local housing market will be one of the
following; up, down or the same.
Realtor, Marathon Man, "Man of a Thousand Voices".
