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How long will the housing market stay low?

We want to buy a house but it would be better if we could wait one year. Will the housing market hold out for us or will it start going back up before then?

Public Comments

1. Hard hit areas like Nevada, California, and Florida have already hit bottom. Other areas of the US will bottom later in 2009. Best metric to track: number of days a house is on the market. This typically ranges from 40 days (in boom times) to 180 days (in bad times). When the number of days in your chosen area starts going down, that means the market has bottomed. Buy! Good luck! Ron
2. It depends on which market you live in, however, generally speaking waiting another year for prices to come down more might not be a good idea. Some markets are showing signs of a bottom and most of the rest of the nation won't be far behind. However, I am a believer that the bottom will be long since the economy is still in recession mode. So yes I do think we are at or near the bottom, but prices will rise slowly as long as we remain in the recession.