Musical Homes, Where Were You When the Music Stopped?
Year 2008. The year the music stopped.
After 6-7 years of rapidly rising home prices what is readily apparent now is that this fervor has stopped. The exit strategy of being able to sell a property for more than you paid for it is rapidly turning into a "no exit" dead-end for many people.
If you bought a property in 2005 or 2006, you most likely bought the top of the market. Ugh! I can really say that because I bought two properties at the top. Double ugh!
We are working our way through a period of deep psychological change regarding money, credit, savings, real estate, and the direction of our society. At least it can be said that we live in "interesting times."
Unfortunately, the music hasn't only stopped, the mic & speakers are also broken. Its going to take several years for the carnage and pain of this pullback to moderate in our collective psyche.
Last year, I predicted it'd probably be 2010 before we saw any upward progress again on real estate prices in Minnesota. That's what I still think.
My daily conversations with clients & acquaintances continue to add anecdote to this reality. I'm sure you know what I'm talking about, this effects each & every one of us.
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