Most real estate bloggers have already written their "outlook" for the coming year.
When I started this blog in 2007, I wanted to share lessons I learned as an investor and as a Reno real estate agent caught in the middle of the housing bubble. It wasn't fun losing a lot of money in my investments, but by God's grace, after 5 years, I can now look back and say I am out of the mire. My business is stronger than the peek of the bubble.
Strangely, I'm still trying to find my new "voice" as I've mostly written "be careful" posts the past five years -- trying to inform people of the severity of the Reno housing crash. It's interesting to look back how many real estate pundits (and top industry professionals) were not only
wrong in their assessment of the top of market but also refused to see how bad it really was.
In 2008, they were already calling a market bottom, when clearly the data showed that market was still in a vicious downward spiral.
By early 2010, I started seeing the first signs to a Reno housing price bottom. The economy was still struggling, but demand was outpacing supply by a good margin. At that time I thought I made a mistake of calling "premature bottom". But numbers showed a market that was coming back from the ashes by sheer number of people buying homes in Reno. It was weird even for me, but I couldn't argue with the evidence.
So what's the deal for 2013?
Somebody asked me this week, what was the one thing that I didn't expect to happen in the Reno housing market? I think how Luxury homes in Reno have proven so far to be more stable than I thought it would be.
I hope this continues in 2013.
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