Updated about 4 years ago on . Most recent reply
Scared of the impending doom!!
I am currently shopping for properties in the middle Tennessee area. I keep seeing posts and new articles saying that the market is about to be flooded with foreclosures due to the moratorium ending. Is this really going to happen? Should I hold on to my money and wait for prices to drop?
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- Realtor, General Contractor, and Developer
- Redding, CA & Bend OR
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Nobody has a crystal ball. Everyone has been waiting for the market to crash while it was still crashing in the mid 2000s. There's a saying, "all real estate is local". It's true. No matter what type of economic market we are in, there will be areas of the country that prosper and those that go belly up. Look at the jobs market in your local area. What drives it? How affected would it be by a downturn in the economy? If you're in an area where there's a huge public workforce there's a good chance it will stay strong. If you're in an area where it's all service workers, it may have problems. Are there a lot of houses on the market in your area for rent, or sale or is there high demand?
The point is, there is no easy answer that fits every community. Watch your local market. Are prices falling on sales and rents? There may be a lot of foreclosures, we just don't know!
- Karen Margrave
