Have We Hit Bottom Yet???

Foreclosure Sign, Mortgage Crisis
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How many times has this question been asked? Tons.

Does it really matter? Ask yourself. If you could today, buy your dream house to raise your family in,does it really matter, that tomorrow your home may be worth a little less??

If you are planning in living in that house  for a long time, it really doesn’t matter now, does it? You tell me.

Have we hit bottom yet? Who knows? And in real estate, it depends. In some areas of the country, prices drop a lot ,in other areas of the country prices didn’t drop much. There is no simple answer. The statewide median has remained at roughly $250,000 , in what appears to be a bottom. If the flattening out of prices at vastly more affordable levels entices buyers off the fence, the median price could hold at its present level or even experience some upward momentum.

However, the weak economy and foreclosures may limit or more than offset that momentum and drive prices below their present levels .

In the end, it is still not clear that home prices have hit bottom.

Regardless, the desire to get a home at the lowest possible price must be balanced with obtaining a favorable mortgage rate and finding a home that will meet the buyer’s needs over a 15 to 30 year time horizon.

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