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Wait 2.0? Will dismal housing forecast extend househunts another 2 years?
Yesterday, a headline which read, "Economists see credit problems as bigger threat than terrorism,", revealed that business economists anticipate a dismal recovery in the housing market:
"Asked to look five years into the future, 42 percent [of business economists] expected U.S. home prices to remain flat, 41 percent said prices should rise, and 16 percent predicted prices will fall."
"Only one in five of those surveyed predicted a 'meaningful' recovery in U.S. housing markets before the second half of 2008. About 38 percent expected a recovery in the second half of 2008, while 42 percent said housing markets won't turn around until 2009 or later."
If you are a home buyer, will those dismal expectations cause you to extend your house hunt by months or years? Or will you be bargain hunting this Fall and winter, as seasonal price reductions create attractive home buying opportunities?
Many users of our original MLS access system have looked at over 1,000 pages (interior or exterior photos of homes) over a two year period, or new clients are signing up to user our new MLS system because every property links to a housing forecast and recent sales on Zillow. Given the dismal forecast above, wondering if those households are planning on extending their searches another two years; hence the use of the phrase, "Wait 2.0" (a indirect reference to "Web 2.0" for those who aren't familiar with the term.)
If so, what kind of tools, web sites (particularly Web 2.0 real estate sites), or other resources -- online or off -- you are using to inform your extended searches? The Real Estate Cafe is eager to begin using sites like HomePredict, this social networking forum, and our ongoing "Bubble Hours" to tap into the wisdom of crowds and to create an informal support group / peer group -- online and off -- for home buyers involved in extended house hunts.
If you are one of them, please introduce yourself, or at a minimum sign-up to receive email updates from our original blog, where you will find a similar post.
"Asked to look five years into the future, 42 percent [of business economists] expected U.S. home prices to remain flat, 41 percent said prices should rise, and 16 percent predicted prices will fall."
"Only one in five of those surveyed predicted a 'meaningful' recovery in U.S. housing markets before the second half of 2008. About 38 percent expected a recovery in the second half of 2008, while 42 percent said housing markets won't turn around until 2009 or later."
If you are a home buyer, will those dismal expectations cause you to extend your house hunt by months or years? Or will you be bargain hunting this Fall and winter, as seasonal price reductions create attractive home buying opportunities?
Many users of our original MLS access system have looked at over 1,000 pages (interior or exterior photos of homes) over a two year period, or new clients are signing up to user our new MLS system because every property links to a housing forecast and recent sales on Zillow. Given the dismal forecast above, wondering if those households are planning on extending their searches another two years; hence the use of the phrase, "Wait 2.0" (a indirect reference to "Web 2.0" for those who aren't familiar with the term.)
If so, what kind of tools, web sites (particularly Web 2.0 real estate sites), or other resources -- online or off -- you are using to inform your extended searches? The Real Estate Cafe is eager to begin using sites like HomePredict, this social networking forum, and our ongoing "Bubble Hours" to tap into the wisdom of crowds and to create an informal support group / peer group -- online and off -- for home buyers involved in extended house hunts.
If you are one of them, please introduce yourself, or at a minimum sign-up to receive email updates from our original blog, where you will find a similar post.
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