Friday, September 30, 2005

Housing..Is It Up or Is It Down...Yes... No .... Maybe

What a week.. first two guys from the east coast... Columbia School of Business and Wharton... say there is no bubble and the housing market is in great shape. Then the boys from the west coast at the UCLA Anderson Forecast say the party is over and the market will crash momentarily....
Who do you believe... east coast or west coast? The truth is they are both probably wrong and neither theory really addresses the market in the South Bay and our local beach cities or most of California.
Our area is not seeing a large number of new listings on the market. True some properties are staying around longer then usual but most of those are priced above market value. You may see some slowing in the market as rates continue to rise but I don't think the market is about to crash. UCLA has been predicting the demise of our market for three years and they have been wrong every year...
Make your housing plans.. buying or selling... based on your current need. If you need a bigger home buy one.. If you want a smaller home or are thinking of leaving the area then it is time to sell.
It's hard to be smarter then the market.

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