Paul's Appraisal Blog

I apologize for not writing in a while. My wife had back surgery and I've been busy holding down the fort, so to speak...  Anyway.....  

    I, like many people in the real estate business, am not having a great time right now. Home values are still falling, credit is tight, prices for everyday items are going up, and people all over in in a negative mood.

    With all of this negativity, however, I still see signs that things are changing. People are still buying houses. It's not like it was in 2003-2006, but houses are still being sold. The foreclosures and REO, bank-owned properties are getting mopped up, little by little, decreasing the downward pressure on home values.  Housing is more affordable now than it has been in the last 4 - 6 years.

    Soon, we will turn the corner. This dismal real estate market will not last forever, and I personally think that we will see a significant change by summer of 2009, early 2010. It seems a long way off, but it will be here before you know it. The longer we can survive this downturn, the more excited I get, because I know the end is getting near and that we will be able to look forward to a stable market were everyone will prosper.