I have been thinking about this today. It seems that we (or I) am typically right behind the ball - lagging a few steps behind - when the real estate market goes up or goes down.
For instance, we sold our home in California in 2000 as the market was going up. "If" we had stayed six months longer, we could have sold it for more, and then you know what happened after that.
Then, we moved back to Arizona and waited for a year and a half to decide just where we wanted to build a home. If we had purchased immediately.........well, you get the idea.
So, in 2002, we did purchase our new home, had it built and moved in on November 22, 2002. We did GOOD!!!
During the next two/three years, we could have bought, sold, bought, sold and made more money, BUT I didn't know that 
so..........we didn't.
NOW, I'm looking at the market and thinking to myself. Okay, "they" say the market will correct itself beginning in 2009. If that's the deal, then 2008 will be a GREAT time for buyers to buy a home. Otherwise, they will be competing with all of those jumping on board in 2009!
Now, how's that idea sit with all of you? Think 2008 is a GREAT YEAR TO BUY A HOME?
Thinking of moving to Mesa, Arizona? For new construction or resale, stop by www.TeriEllis.com or call me at: 480.216-3334 for Excellent Customer Service - Always!
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TERI - This is a very astute thought. By the time that the media reports that the market has turned, it most likely will have turned at least six months prior due to the lagging indicators that they use. My feeling is that if you NEED to buy or sell, it is ALWAYS a good time to do so. Otherwise, people have some say as to when they decide to make their move, although the ability to time the market properly is still near impossible. Nice job on this one, Teri.
No one has a crystal ball......but your examples show how you as a Homebuyer, and Seller experienced the market....and we all hear, "I could have"..........Ok, so now is the time before we hear more "I should haves" :)
Adam, thanks I appreciate your dropping by. I agree with you, and it occurred to me that I needed to bring this up. I could have done it without naming my city and state, and perhaps had more attendance; however, I thought it best to market to my area rather than to AR. Does that make sense? Thanks again,
Kathy, you're absolutely right, we don't.....but I think we do need to remember the past and utilize that knowledge for our future and teach our buyers/sellers that lesson. Thanks for stopping by.....
Teri,
Good analysis. I don't think my wife would be very happy with me, though, if I bought a house in Mesa Arizona!
Martin, sure she would. It's a great area for second homes! :-) It is a bit cold here - I think about 56 degrees......thanks for dropping by.
This is a great market to buy. 2008 is hot, hot, hot for buyers. Trouble is many are sitting on the fence waiting for that green light.
I'm not waiting. I'm making offers now for investment properties.
Elizabeth, good to hear from you. Have you been negatively affected by those rain storms in your part of California? We got them last night and this morning. It wasn't a balmy, sunny day, but our retention basins did get fuller.
This is an especially good market to buy a home, but the buyers are waiting! Waiting for what? I'm not sure.