After the last couple of years, and the downward spiral of property values across the country, the 'million dollar question' on everyone's minds is: What is the market going to do tomorrow? Have property values recovered? Are they still declining? Are they now appreciating again?
While there is no way to know for sure, we can look at current trends to help in estimating future results. Market experts have 2 schools of thought on the current real estate market:
!. The market has bottomed out and is starting to rebound.
They feel this way primarily due to the current amount of purchase activity for homes. This could be skewed, however, due to the current federal homebuyer rebate and low interest rates.
2. The market has settled slightly, but is going to decline more.
This analysis, though discouraging, is viewed most likely when looking at the overall condition of the US economy and the so called 'quick fixes' put in place to stall a market depression. These experts feel that we haven't seen all the long term negative effects fully, and the worst is yet to come.
Which is really the case? As is always wise in this life, a balanced approach is usually the best choice. Perhaps the market has not bottomed out, however the current situation is stable at present. Since no one knows for sure, and 'hindsight is 20/20', it would be best to continue living now as if things will get worse, but not stress over what could have been, what is, or what will be.
The future will take care of itself. We need to use our resources wisely and take advantage of the current market situation, including historically low interest rates and available tax rebates. A real estate appraisal may be a step you need to take in order to see these realities now present!