The market has slowed, not stopped. But that small fact seemed to be lost national real estate trade associations announced that new and existing home sales had dropped substantially.
Is the real estate bubble really bursting? It depends on where you live and how aggressive you are in selling your property.
I heard from a listener this week who wanted to know if she should sell the property she bought 9 months ago. She had a 5-year plan for her real estate, but thought that given the new market situation, she should dump it fast. I told her that if she could stick to her 5-year plan, she’d get through this market cycle and would probably be happy she held on.
Because that’s what we’re in – a real estate market cycle. The market goes up, and then it goes down for a little while, so everyone can catch their breath and pick up deals.
And at some point in time, it’ll go up again.
With practical, informative consumer advice, I’m Ilyce Glink, News-Talk 750 WSB