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 With the way that our local real estate markets are heading, it is interesting to watch how some blogging agents are reacting. Some 'professionals' who have been counseling their clients that they can expect to see double digit price increases in their homes every year are suddenly not blogging at all, or blogging strickly about events in their area. I guess that they are too embarrassed to admit that they were wrong about the market ...
I've been saying for sometime that our local real estate market is greatly over valued - mostly due to over speculation and the ease of getting loans. With the mortgage industry in extreme turmoil over many bad loans that were given, I'd say we are in for some tough days ahead. We have already seen a huge increase in home inventory, a major increase in days a home is on the market and are starting to see a lot of price decreases. I believe we will be seeing price decreases for some time here on the Eastside. There are options for those who want to continue to invest in (and profit from) real estate ... |
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