Ron’s Real Estate Outlook
We have a market. Sales are continuing, just at a much diminished rate, 55% fewer in October 2008 than October 2007. There is a new reality to our Victoria market. As I have seen “twice” before in my almost 30 years of selling real estate, markets peak and correct in seven to nine year cycles. We have peaked and the reality is we are adjusting now; the cycle has just been a little extended. Yes, circumstances are different this time, as they were for their time with the previous two corrections, but “uncertainty” is the common thread. How long the uncertainty carries on determines the recovery period. This time we are faced with global economic stress which we are bombarded with daily. A climate that makes dispelling uncertainty a distant goal.
