When will the Market hit Bottom?

Posted on December 15, 2008 | by Denny Oh

When will the housing market stop going down?  When will home prices level out?  If I could tell you the exact day the San Diego real estate market was going to turn around, would you buy that day?

Every day I go to work, I drive by the same three gas stations.  And over the last several months, Ive seen prices rise up to over $4 a gallon and drop all the way down to $1.59 a gallon.  In the news, you hear about all these poor people who locked in gas prices for the homes at $3 a gallon and are paying the price now.

Can you blame them?  Fuel prices were going up so quickly, we all thought wed be at $6 a gallon in no time!  Companies like Chrysler even guaranteed gas at $3 a gallon to try and motivated car sales.  Now that prices are down and keep going down, how do we know when theyll go back up?  Are SUVs ok to buy now?  If possible, should we lock in a price now?

I understand that fuel prices are not directly related to the housing market, but surely you can see the comparison Im making “ how do you know where the bottom is, until prices go back up?  Was $2.50 a gallon a good deal for gas a few months ago?  I thought it wasbut now I drive the extra two blocks to pay $1.59 versus $1.69 a gallon.  If you could lock in a price on the gas youll pay for the next 10 years, when would you do it?  Would you wait for it to drop more?  Or would you be happy with where its at?  What if the prices jumped to $2.25 a gallon next month?

Ive been watching the San Diego real estate market for almost 5 years and from the investor activity Ive been seeing lately, I think were pretty much at the bottom.  Yes I know pretty much means that it could still drop more, but how much does that matter?  Are you going to sell in two years?  If you are, you shouldnt be buying anyhow!

If you want to hear about some great deals, give me a call.  Denny Oh 858“243“2092 [email protected]

I dont list all the deals on my site, so please check with me.  Thanks.

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