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Top 10 Real Estate Predictions for 2009

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Little or No Appreciation as Market Bottoms
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The real estate market will bottom out in areas with low inventory but prices will not stabilize.

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In parts of the country hardest hit by 2007 - 2008 foreclosures such as California, Michigan and Florida, prices will continue to soften. In scattered markets, the bottom will already have been reached by April but media won't report it until late summer, after a trend has been established.

There will be no more dramatic price drops such as those 30% to 50% declines we saw between 2006 and 2008. But the market will not stabilize in 2009. Furthermore, consumer confidence will continue to fall, and more people will find themselves out of work.

On the bright side, employed home buyers with good credit will find 2009 is an excellent time to buy.

At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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