By Michael C. Thomsett
The nice housing growth that has fueled top class costs and dealers' goals will be slowing down, yet regardless of dire predictions, the industry isn't really prone to implode spontaneously. With right making plans and a bit wisdom, owners, traders, and different stakeholders can steer clear of catastrophe and actually revenue on their homes - despite what the marketplace does.
Read or Download Beyond the Bubble: How to Keep the Real Estate Market in Perspective -- and Profit No Matter What Happens PDF
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Additional resources for Beyond the Bubble: How to Keep the Real Estate Market in Perspective -- and Profit No Matter What Happens
So if a home is worth $225,000, and other homes in the same area are built and sold for an average of $250,000, the principle of progression tells you that the lower-priced home is likely to increase in value to approach or meet the average price. The adage, ‘‘buy the worst house on a good block’’ is one expression of the principle of progression. Some residential real estate bubbles reflect the concept of progression on a broad scale. For example, if a city has older stock of homes but those are being gradually replaced, renovated, and upgraded to modern standards, progression may create a bubble in the prices of all property.
This comparison tells the ‘‘supply-side’’ story fairly The Regional Character of Real Estate 49 accurately, even though it is based on recent historical trends. If you estimate how those trends are going to continue into the future, you identify the influences on real estate prices that come from the supply side. A demand-side example includes some of the same data, but from a different perspective. If you remember that development tends to outpace actual demand, you can critically analyze how and when housing units are being planned and built.
This includes the realm of investors who purchase property to use as rentals, to fix up and resell, to buy at discount and flip, or to speculate within a rapidly moving bubble. These forms of demand are all quite real, so they are not the opposite of real demand, just a type of demand driven by different incentives. In extreme bubbles—for example, when speculators are causing excess construction in the belief that double-digit profits will be endless—the demand is purely bubble-driven and may be called surreal demand.