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Merrill Lynch is predicting a 25% decline in home prices over the next three years. I'm guessing they are taking an average and this will be regional.
If you are currently looking to buy property you need to do some homework and decide if your area is one which might lose 25% of it's value. If you like to buy houses at 70% of after repaired value than you might consider starting to offer 45% of last years prices.
I do agree with Kyosaki though that prices will come back becuase of replacement cost. Anyone who has done any construction recently knows what he's talking about. I don't see the cost of raw materials going down. The cost of labor on the other hand may go down for a while due to less work.
Something to consider.
If you are currently looking to buy property you need to do some homework and decide if your area is one which might lose 25% of it's value. If you like to buy houses at 70% of after repaired value than you might consider starting to offer 45% of last years prices.
I do agree with Kyosaki though that prices will come back becuase of replacement cost. Anyone who has done any construction recently knows what he's talking about. I don't see the cost of raw materials going down. The cost of labor on the other hand may go down for a while due to less work.
Something to consider.
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