Full disclosure: I rent. On purpose. For now.
Who are you gonna believe in this housing market? These guys, who say we’re looking at a late-’80s style crash — which might actually be good for the local economy, drawing people back to the state?
The Massachusetts housing market will remain in a slump, and by the time it hits bottom about a year from now, prices will have dropped 14 percent from the peak in 2005, according to an economic forecast released yesterday.
Such a decline would mean the current downturn would match the real estate collapse of the late 1980s and early 1990s, when the median single-family home price also fell about 14 percent.
“This is the low point, and if they miss it, they may not have another opportunity like this for years to come,” Greater Boston Real Estate Board CEO Gregory Vasil said.
How does the real estate guy know this is the bottom, hm? For realtors, it’s always you gotta buy now!!! The market goes up, you gotta ride it up! Market goes down, you may not have another opportunity at these prices!!! It’s like some beautiful Zen state … The Eternal Now. (Smart people say: Don’t try to time the market. Buy value.)