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"The Market has Turned!"
By Emmett Dalton
CEO
Primec Real Estate Services, Inc.
I remember hearing someone say back in 1990 that the "market had turned".
We had just experienced a major slowdown in Real Estate sales in 1989, yet there were agents thinking that the market was already to turn around to the prior 7-10 years after just 1 year of slow Real Estate sales and mild price reductions.
Little did they know that the Real Estate market would take another 7 years to turn around.
Historically, the Real Estate market as with other markets have been on 7-10 year cycles for the past 60 years.
Lately we are hearing this buzz term again, that the "market has turned".
Don't be too disappointed but we will not see any major changes in the market on a positive level till almost the end of the decade. In another 2 1/2 years we should start to see some leveling off of price reductions and some modest price increases. Till then expect further decreases of 5-10% per year. Obviously these are my personal predictions based on 20 plus years in the Real estate Industry and these are local predictions for the Southern California area.
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