Friday, January 2, 2009
Anne Ashworth, ever the optimist
Some groups have been forecasting house price declines for most of the past decade and have finally been proven right. But there are hordes of bargain-hunters who want to acquire properties “before they see the light at the end of the tunnel” - that is, in the period just before the recovery arrives. The motive for this speculation is this: when signs of recovery become visible, more timorous buyers will be encouraged back into the market, propelling prices upwards. If timed correctly, it offers the potential for considerable gain. The search for deep discounts is taking some of these thrill-seeking buyers to property auctions where, in the opinion of some commentators, prices are already as low as they can go.