Top Real Estate Persons Expect Market Instability through 2010
September 28, 2008
In a recent report that measured the opinions of 424 top real estate executives, most expect market instability through 2010
. 62% of those surveyed believe that it will be until 2010 before the real estate markets begin to stabilize. And 22% believe it will take until 2011 before things get sorted out and back to a somewhat more normal situation. Most (51%) also believe that foreign investors will be the primary ones being most active in the US real estate markets. This is probably due to the double whammy effect of soft real estate prices, generally speaking, across the US combined with the weak dollar value relative to other currencies. So, you end up with a situation with “real estate on sale” – and then add in the dollar being weaker than it has been for a very long time, and its a slam dunk win/win for them to start making moves to acquiring some real estate investments in the United States.
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I hope they’re wrong and that it stabilizes sooner. I remember reading things years ago saying that ‘08 would be the year and now it’s almost ‘09 and no luck.
Do you guys think the recent bailout plans will have a large effect on the real estate markets in terms of an increase in sales or price stabilization?
Jayson;
Ryan had an interesting take on this on his Atlanta blog. I am looking for it now…and will post the link when I find it,
IMO, it is going to be an unstable time for sure…
Eric
I do a lot of first time homebuyers and first move ups and I will tell you in our market apart from shortsales there is simply nothing to sell in the new “market price” my buyers are actually creeping upwards a bit on price…
No idea what will happen if there is no extension of the $8,000 credit after December…but for now we are seeing a remarkable revival…