For so many years now, people have been asking “when will the real estate market bottom?”. It’s a good question but it’s the wrong question now.
Why is that?
Well, just about everyone who keeps an eye on the real estate market these days is convinced we’re IN recovery. In other words, we’re PAST the bottom of the market.
This is true at the national level and at most local markets. But, if “when will the real estate market bottom?” is the wrong question, what’s the right one.
It turns out, the right question is “how will the market react to the surge in demand and the lean supply of homes?” Shocker!! Yes, we were in a housing glut after the bubble burst and now we’re in (or most experts seem to think) on the precipice of a housing shortage!
Obviously, too little supply should effect the intensity of demand and drive prices up. The question is how much and, of course, we want to be looking as specifically as we can to know more about how the phenomena effects each of us.
Keep an eye on this blog, we plan to have more to say about this in the coming weeks and months.
Until then, have a fantastic Holiday Season!
