Home prices are falling like never before. Radar Logic published a list of cities and states nationwide where some home prices held steady, and others not so much. Milwaukee has been fortunate with home prices increasing by 3%, Columbus remained consistent and Charlotte's home values only dropped by 3%. In California however, all the major cities had home values drop 23%to 28%; in Phoenix and Vegas values plunged 29% to 30%.
Numbers like these can only mean one thing, it's time to buy and experts agree. Forbes put together a panel of real estate experts to weigh in on the current market. The panel existed of Spencer Rascoff of Zillow.com, Michael Feder of Radar Logic, Donald Trump Jr. of the Trump Organization, Peter Slatin of Real Capital Analytics, and as the moderator, Stephane Fitch from Forbes magazine.
Each of the panel members agreed on the fact that today's market is definitely a buyers market. Peter Slatin from Real Capital Analytics said "If you see a home you want to live in and can afford it, then buy it."
All panelists cautioned buyers to be smart in their purchases and only purchase what they can truly afford. Spencer Rascoff of Zillow.com weighs in saying there are two prerequisites for buyers in today's market; "First, you need financing, which is much more difficult than in the past. Second, you need to be smart about it. The good old days when anyone could make millions flipping homes in their spare time are over."
As the country seems to be in turmoil, the American dream is still possible as Rascoff, Feder, Trump and Slatin truly believe. A complete turn around in the market will take some time, but in the mean time the verdict is unanimous to jump on the real estate bandwagon and ride it all the way into the purchase of your new home.
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