Predicting housing prices
Since I think I am smart, going to make prediction.
I think the housing market in California has pretty much hit bottom, and the same is largely true in most of the places in the US where prices went up to the sky, then fell to earth. Most of the asking prices are still far too high, but the prices at which people are buying are near the bottom. A two bathroom house of 1150 square feet in Sunnyvale should sell at four hundred to four fifty thousand dollars now. From here on out, prices will be rising – not very fast, but fast enough that a few years from now people will look back at those prices as their last chance to get a house, which chance they missed.
Tags: housing price, prediction
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Constant
May 29th, 2008 at 12:31 pm
Though, if I understand your previous discussion about land use regulation in California, real estate prices could crash if the land use restrictions are eliminated. As a hypothetical, suppose land use regulation were eliminated, opening up massive tracts of land to new building. When the dust settled, what do you suppose prices would be? Also, reading between the lines you seem pretty confident that land use restrictions will remain in place come what may. Are you?