The big question, when will we hit bottom or have we already? As Realtors we and others in the industry that we work with daily are frequently hearing buyers saying they are waiting for the bottom to buy; hence the point of this blog entry. Keep in mind statistics
and trends are found and compiled after events, not before them thus if you are waiting for confirmation on hitting bottom you’re pretty much guaranteed to miss it. Additionally think about this, in Portland we’re seeing -2% to -7% depreciation rates, so lets say on a $300,000 home if you’re “waiting for the bottom” then you’re betting that home would be $285,000 in one year at -5% *if* (and that’s a huge if) we continue to see a solid decline for the next year, so you’d save $15,000 right?