Forecasting is always a tricky business. From the stock market to fantasy football, the future is, by definition, uncertain. But that doesn’t mean we can’t throw some data into our logic blender and see what comes out, does it?
Earlier this year, Money magazine posted their take on real estate in 2009. But before we go there, let’s look at what they said about 2008.
In an article published April 11 2007, here’s what Money projected for real estate in Louisville, Kentucky for 2008.
According to Louisville’s MLS system, the median sales price for 2008 so far is $135,900. Compare this with 2007’s median of $139,000 and we arrive at a drop of 2.28%. Looks like Money overshot their target.
That brings us to this year’s predictions. Back in May of this year, Money published Where home prices are headed next. Here’s what the experts are projecting for Louisville real estate in 2009.
Given recent events in the stock market and around the globe, if we could have a half percent gain in 2009, I think most people would jump for joy. It’ll be interesting (to say the least) to watch how things play out.