HOME SALES YING AND YANG

Well, maybe. Part of me agrees. How much higher can prices go? Interest rates are up, but they are still at or below 7 percent, which is what they were when I was in high school (many, many moons ago). We’ve got the baby boomers set to inherit trillions of dollars, and people will be moving from states that tax retirees heavily — listen up, Austin — to get a better deal in retirement. Finally, all you younguns are buying homes, working, and having familes, which is glorious for the economy. I think we will see prices dip in some areas of the U.S., and in some products, while other sectors will maintain or increase in value. But then…

Enter this oil crisis: Experts I talk to say most people will stay in the ‘burbs because even though gas is sky-high, for them it will not be worth selling a $150,000 home to buy a $500,000 home just to save twenty cents a gallon on gas. Reports today warn us to brace for the ripple effects of pricey oil, everything from vacations to diapers to lipstick going up. So less moola for house payments and upgrades. And local real estate gurus tell me that in 36 months, we will see some really good deals on condos in Dallas. Ouch.