On Sale Next Year: Basically Everywhere
According to a new report by Fiserv, the national median home price is predicted to drop ANOTHER 11.3% by June 30, 2010.
For the following year, the firm anticipates some stabilization with prices rising 3.6%.
Theoretically, buyers could wait until July of 2011, and most likely still get a better deal (on average) than right now, but the best deals will most likely be had next spring.
See our chart below. A buyer could save between $30,000 and $65,000 on the median priced home by waiting.
The continued decline is expected to be fairly pervasive; values are predicted to drop in 342 out of 381 markets.
Stunningly, three of the five cities projected to do the worst are in Florida, Miami, Orlando and Naples.For example, this Miami condo (pictured), currently on sale for $600,000, could be available for as low as $420,000 by next June.
|Cities||Q2 Median Price||Projected Decline|
Savings If You Wait ...
|Average Monthly Rent|
While it's already cheaper to buy in many cities, this shows you how waiting another six months could pay off.
There's also a good chance that the first time buyer credit will be extended in some fashion, so potentially add another $8,000 on to the Save If You Wait field.
Of the markets predicted to see increases next year, most are not in densely populated areas. Fairbanks and Anchorage, Alaska are both predicted to see prices rise 2 percent by July, and Elmira, N.Y. will rise 1.8 percent.