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BOTL UPCOMING MAINTENANCE
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Housing market
- Thread starter RonC
- Start date
I think this year is going to be the pits for sellers, especially in formerly hot markets ( AZ, CA, FL, NV ) ... but a good time to pick up bargains and repos if you have a good credit rating and cash. Probably see some downward price adjustments across the country. The mortgage market will see lots of bankruptcies and mergers due to all the companies who were throwing money at anyone with a heartbeat over the past 4 years. I wouldn't be surprized to see the Feds lower interest rates at least once this year to avoid the slide into recession. Hopefully we will see stabalization in 2008.
jrohrer
BoM Jan '07
:yes: ditto :yes:
Just put an offer on a house, so hopefully the market will be good in a few years? I'm gonna rent it to the gf and a couple close friends during college and then sell it when I'm done. I'm in the fastest-growing county in the U.S. and a couple blocks from the University, which just got bumped back up to Division I.
So hopefully it won't suck ass when I try and sell it.
TYLER
So hopefully it won't suck ass when I try and sell it.
TYLER
i just bought a new home in fla. its not built yet, will be done in about 9 months. the development was on "closeout" with 5 home sites available. Besides the builders 5 homes and sites, there are about 12 homes for sale by owner. After getting prices from the builder, I went into the development and checked out the other homes. Bottom line is I paid about $80,000 less than what was paid when the market was hot just 2 years ago. The builder charged me about $80,000 less than asking prices on comparable homes. with all the bad news about mortgage companies, I think things will get worse in Florida.
CWS
<b>Lead Moderator</b>
Depends on the area. Close to the beach and they still are fairly hot. The market is correcting for all the balooney of the last few years. I agree with Ted there will be many bargins as the interest only folks cant make their payments and the house dont rent. If the market continues badly, it will push people back into real estate.
BTW the house across the street was listed last week end and sold yesterday. Some markets are still good.
BTW the house across the street was listed last week end and sold yesterday. Some markets are still good.
Doesn't seem to be doing too badly here just outside of Boston.
I've been hearing from various landlords that the market is shit right now, but they aren't dropping their prices anytime soon. Boston is too damn expensive.
I've been hearing from various landlords that the market is shit right now, but they aren't dropping their prices anytime soon. Boston is too damn expensive.
This question is right up there with what will the stock market be like in the next few years. There really is no correct answer today, only speculation and guesses for what the future holds.
Rent market is doing very well right now. Thats the part that has gone up.
As far as the home buying market, I agree with Tedski. House prices are insane. Interest only loans, home equity loans w/ very little equity in homes etc.. a lot of people are going to be in trouble.
Yep! Three Bedroom, English Tudor. 2 Acres, yard goes right down to the River. Nice place.
Hopefully Armageddon will happen and I won't have to face a mortgage again... :stretchgr
Seriously though, while our local market has slightly cooled, it's still tumultuous with the amount of influx we're seeing related to the new mine that Phelps Dodge is opening.
Fortunately, we're just about to build our own home and my FIL's a Contractor so we'll be ahead in this particular part of the game... I hope...
cvm4
BoM - July '05 & Dec. '10
Right you are brother Steve
I'm looking at buying a foreclosure in the area. It needs a lot of work but with the market the way it is, I probably could get it for a great price.