Market predictions after the turn of the year?

Market will go down about another 5%-10% as panic sets in. Sellers are starting to lower now and out do each other. Inventory is rising out there. We can not even keep up with the number of properties to look at. It will be a buyers March.

GoingDown, may I ask if you are a potential buyer or an agent? If a buyer, are you looking for a home or for an investment property? Just wondering to what you are referring when you say "we cannot even keep up with the...properties to look at".

Only one word alurk CHOP !!!

I am a serious potential buyer but now waiting. This is why I will wait until MARCH before making any offers: http://www.reuters.com/article/companyNews/idUSN1650456120091116

November 16, 2009: Bank analyst Whitney bearish on U.S. market.

@ Going Down - thanks for the link. I too am a serious potential buyer but have reservations about timing due to a gut sense, but my gut tends to be an accurate one.

I am also stunned by the number of properties that have poured into the market even in the last week. Lots of high end ones just glutting the market right now. Not as much at the $1-2 million price point though.

THIS JUST IN - NOVEMBER 18, 2009. The NYC Economy Contracts to 1.6% in Q3. The US economy grew by 3.5%.

This is NOT a good sign for anyone selling right now in Manhattan, and WORSE for anyone trying to unload in the Hamptons.

With inventory piling up, I would assume sellers will start their fire sales right after the new year. They will stick to their inflated prices for the very short term though. Once they start getting offers of 20% to 30% off of their asking prices, and declining those, the delusional RE agents will get their equally delusional sellers to start accepting these market right offers.

2003 will be the price structure that will factor most into pricing. It will prove as the best barometer for pricing over valued real estate. That fairly takes into consideration appreciation but not at the overly inflated rates that built up during the 2005-2008 boom. Any seller hoping to get 2005-2008 ask numbers will not be selling, unless of course there were major renovations done to the house. Any buyer willing to pay 2005-2008 prices will be buying in at the height of the market prices at the extreme low of the market (possibly the worst thing you can do).

Most Hamptons buyers are quite educated, and since this is for most a summer home, there is no real rush to get into an overpriced property.

The easiest prediction to make is that this will be a bad year for Real Estate Agents. But, they brought it on themselves by not understanding the economy, or their very own market.

@ GoingDown or any other informed person: any good resources for obtaining info on 2003 pricing? Thanks.

what is the market like for sag homes in the spring, if health bill passes taxes will be going up greatly, second homes become less affordable it seems. Is there still a significant bubble in this area? what about the value of raw land and willingness of builders to slash there fees?