Warren Buffet says the housing
market will start to recover
by 2011. That is when he predicts demand will catch up
with supply, but I have
a question. Warren, don’t we have to fix the economy first? Over the
past year
we have watched the deficit explode to a record high, unemployment has
skyrocketed to over 10% in most areas, and then lending has all but
become
impossible to obtain.
So, how is the housing
market going to improve if more and more foreclosures
are coming on to the market, unemployment has no sign of
slowing, and the
deficit continues to rise? Does this signal a change in the real estate
market?
I hope you are right
because my livelihood is a stake as a real estate agent,
but at the same time, I don’t have a lot of confidence in our
government. So
far, their solution is to throw money at the problem and not actually
let the
market correct itself. I think if we actually let business do business
and keep
the government out of it, we may actually recover. However, I think we
are
going to see a lot more situations like the ones we have with GM and
IMB right
now, where they are basically government owned.
So, Warren, what are the indicators you are using to determine that we are about to recover? Inquiring minds want to know.
Todd Clark - Broker / Sales Coach
All Brokers Real Estate
Phone: (503)524-9494
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©2010Todd Clark - Originally posted at Thank you Warren, but don’t we have to fix our economy first?
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Hi Todd... I am ENTIRELY convinced that the real estate recovery will come AFTER the jobs recovery. The real estate market is simply to dependent on people working and earning a reasonable income for it to happen sustainably any other way.
Todd,
I'm with you, while I like and respect Warren Buffett, lower levels of available homes for sale will not be the only factor needed to correct our current housing challenges.
The great news is that our housing levels of single family detached homes are at a many year low. The bad news is that are units purchased is at a 10 year low this past January 2010, compares to January 2000. Yikes!
So, while in the basics of supply and demand we are better off, the factors that allow one to make a purchase, such as down payments, actually qualifying for a loan, appraisals and over all market confidence are no where near a level that will "improve" our market.
I think we have a long way to go, but hey, I'll be better off if Warren is correct, so go Team Warren!
All the best, Michelle
For the service industry to thrive we must have a steady supply of industrial jobs. Until then we are one sided and can never make a break through. When we built homes or produced something the result was positive. We need industry to make the market bloom
Yes * it takes JOBS and the SOONER this ADMINISTRATION GETS this the BETTER...areas with low unemployment will recover FASTER and the real estate market will strengthen
Todd at least you will have health insurance if the administration has their way.
JOBS and Business expansion should be the priority almost all the other problems are reduced with good paying jobs and growing business.
Todd
And along with unemployment many Americans have watched their credit ratings grow progressively weaker.
His guess is as good as anyone elses. My question is what city? or does everyone think he was talking about the whole country at one time.
From the desk of David Dee,
Todd, I don't see how it will recover by next year as well. It's interesting to see what he used to arrive at that statement. Very interesting.
All Buffet wants is more time to make more of a bundle out of the misfortune of others before HE has to get back to business as usual.
Whoops, forgot! That's always his business.
Todd, I agree with you on this. I hope he's right, my gut tells me differently though.
I am going to not talk politics (being the demo that I am) and just say I, like my fellow realtors, really hope that things get back on track asap !
Kristin, it isn't all one party, this is a problem with Government in general. They spend like mad and then expect us to cut back so we can pay more in taxes. (CRAZY)
Living in the DC area for over 25 years, (outside the beltway) my livelihood as a real estate consultant is not dependant upon the economy or the government and it never will be. Buyers and Seller will alway exist and I amready and in the position to help now, despite Mr. Buffett saying that I have to wait until 2011.