Here is a great example put together by "Data Robert J. Shiller, Irrational Exuberance, 2nd. Edition, Princeton University Press,2005, Broadway Books 2006, as updated by author " .
It really puts a great perspective on interest rates and house prices.
2008 is the BEST MARKET TO BUY!!!
The prices have D
ropped and the interest rates are at their
lowest in 45 years!!!!
Next year YOU will be kicking your selves in the you know what because while the prices may still be low the interst rates will have risen.
I just came back from a seminar on statistics and what is really going on and he pretty much confirmed my above summation.
IN general Sellers if you want to wait for a better price expect to sit until 2015!
Since 2006 until to 2009 the price drop is to be approximately 19% total. So in order for you the seller to get the 2006 pricing we need to recoup the 19% and then increase, which will take about 4 to 5 years to recoup and then start gaining. Oh by the way if you sell now you will make more money NOW because when you buy you will buy LOW with LOW interest rate. Next year you will be even LOWER in Sale price and HIGHER in Interest Rate.