Last week I was in Prague for a whole number of meetings including real estate professionals from Deloitte, Colliers International, Sim Property Group, Euro Ventures and Foreigners.cz.
Prague Vinohrady is beautiful in the spring with cherry blossoms.
Whenever I meet with others in the industry I try to get their feelings on the market. No single person or company can ever claim to have their finger on the pulse in all locations and markets. Outside feedback is always important. I try to do this personally and encourage all our team members to do the same.
The general consensus that I took away after these meetings is that all declared the foundations of the real estate industry as solid. In fact, some expressed that this spring had been particularly strong, more so than 2012. No-one expressed the belief that real estate was headed for a big fall or even further moderate decline.
Now a skeptic might claim that this is expected since all these individuals livelihoods are dependent on real estate. They obviously are biased. Although this is true, all of them also expressed uncertainty as to when or how quickly the market would return to growth, which I think attests to their honesty. As well, when real estate agents are speaking with each other, they are not trying to sell anything 😉
What did I personally come away with?
It is impossible to time the bottom of any market with accuracy. However, as we are seeing in the US right now, once the upswing starts many, many can decide to pile on, quickly changing a buyer’s market into a selling market.
For myself personally I asked, will I look back on this unprecedented time period for real estate and wish I had done things differently?
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Updated/Aktualizováno: July 22, 2014,
