How long/much will real estate prices will drop before they start to come back up?
I realize these types of things may be hard to predict but does anyone have the slightest idea how long (and how much %) real estate prices will drop before they start to come back up? I heard that it's possible the market will go down 20% for the next five years like it has gone up 20% for the last five years. Is this true? If so, should I cut my losses and sell the house now before it gets even worse??? Sadly, I was ignorant to the conditions in the housing market and my wife and I bought a house in Kuna, ID in August 2007. I was reeled in by local real estates agents telling us it was a "great time to buy". In hindsight it's hard not to be depressed about all this. It's also hard not to get pissed about real estate agents (like so may others) that prey on the ignorant. =(
There are plenty of predictions that spring 2008 should start to see improvement, but I don't suspect it until spring of 2009.
As with all professions, there are good and bad. Real estate is not a short term investment, and it is very possible that a few years from now that you made a very good investment. In a down market, it is a great time to buy.
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