Alan Greenspan was on Meet the Press today. He was asked by Tim Russert if he felt we were heading towards a recession and had the property market burst. Mr Greenspan felt that we were headed towards a slow down.
He expects home prices to 'move down more considerably'.
Remember we have seen this before and remember a good move is to buy on the slide down not necessarily at the bottom when everyone else is competing against you. And often at the bottom you will see the worst of the worse for sale. You will see the homes that have been rented for years that have been neglected etc. And you may not be in a financial position to improve your fixer upper.
My feeling is look at the market now as it is going down and if you see something in the right location at the right price or been sitting for a while there is no reason not to put an offer in.
A very good article was in the SJ Mercury News yesterday September 22nd in the RE section educating you how how to buy in a down market and be respectful of the seller.
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