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Answers (7)
- JON Lichterman, "Provincity"
- Contributions:25
The tax credit caused a recent increase in buyers. I'm curious to see what happens once that expires.
Some really BAD advice on here! Most agents have learned NOTHING over this crisis!!!
Do you think the 2006 buyers who bought for their personal residence aren't upset seeing the same home for sale for 50% less money??? of course they are! So that advice ranks with the worst!!!
1. new buyer credit ending, demand will drop.
2. rates have nowhere to go but up, causing prices to drop. (somewhat offset by paying a lower mortgage, but you will be underwater for years if rates climb)
3. We have TWICE as many mortgages in a non accrual state today as one year ago. Think about that for a moment: twice as many people not paying for their mortgages. The average foreclosure is now taking over 2 years, so this inventory is going to come on the market in the future.
4. Mortgage modifications are largely failing. The process has led to a delay of foreclosures, but has not stopped them.
5. Bank of America announced they plan to UP their rate of foreclosures as much as 500% by the end of 2010. Confirmation of points 3 and 4 above. The inventory is delayed, but not stopped.
6. Lots o today's buying is by flippers. It makes the market look better, as the well priced inventory disappears, but they still have to resell the home to a real owner eventually.
Our crisis has hit a pause button, but is by no means over, and the tide will continue coming in. Prices are extremely likely to begin dropping again this year. Work with an agent with a track record, I predicted this crisis ON HERE ON ZILLOW years ago...
Do you think the 2006 buyers who bought for their personal residence aren't upset seeing the same home for sale for 50% less money??? of course they are! So that advice ranks with the worst!!!
1. new buyer credit ending, demand will drop.
2. rates have nowhere to go but up, causing prices to drop. (somewhat offset by paying a lower mortgage, but you will be underwater for years if rates climb)
3. We have TWICE as many mortgages in a non accrual state today as one year ago. Think about that for a moment: twice as many people not paying for their mortgages. The average foreclosure is now taking over 2 years, so this inventory is going to come on the market in the future.
4. Mortgage modifications are largely failing. The process has led to a delay of foreclosures, but has not stopped them.
5. Bank of America announced they plan to UP their rate of foreclosures as much as 500% by the end of 2010. Confirmation of points 3 and 4 above. The inventory is delayed, but not stopped.
6. Lots o today's buying is by flippers. It makes the market look better, as the well priced inventory disappears, but they still have to resell the home to a real owner eventually.
Our crisis has hit a pause button, but is by no means over, and the tide will continue coming in. Prices are extremely likely to begin dropping again this year. Work with an agent with a track record, I predicted this crisis ON HERE ON ZILLOW years ago...
- 1LAR
- Contributions:3
It will be primary residence. Will be upsizing from 1875sq ft to @2300sq ft.
- Fred Chamberlin, "Eugeneloanguy"
- Contributions:8
I have to agree with Ron below. Why are you buying? Is this for your personal residence or are you looking for an investment. It might be the exact right time for you to buy or it might not. You have to decide if it is the home you want in the price range you want. Also consider that even if prices come down more and interest rates go up, you are defeating your purpose.
Good Luck,
Good Luck,
- Ron Scott, GRI, "RonScottRealtor"
- Contributions:192
I depends on where you are buying. Some areas are seeing a small increase in pricing and some are still seeing a slide. Check with your local brokers or realtor association. They should be able to show you the trends in your area.
- Joseph Domino, "ScottsdaleAZHomes"
- Contributions:176
You have to ask yourself why you are purchasing the home. If you are looking for a nice place to live and are currently paying rent perhaps buying will be more prudent.
If you are buying because you are timing the market and thinking that you are going to make money you may or may not succeed. If you decide against buying, Vegas will always be there.
If you are buying because you are timing the market and thinking that you are going to make money you may or may not succeed. If you decide against buying, Vegas will always be there.
- Beth Jenkins, "MiamiBeachBeth"
- Contributions:106
Hi,
No one is going to commit to that answer! The reality is anything can happen, but prices have certaily stabalized and the inventory is very good.
You will never be the last person to buy, and when they say it is the bottom it is already on the way up.
You should take into considerations all fo your personal needs and wants as well as market conditions to make a well informed decision.
Good luck,
Beth Jenkins
Realtor Asssociate
No one is going to commit to that answer! The reality is anything can happen, but prices have certaily stabalized and the inventory is very good.
You will never be the last person to buy, and when they say it is the bottom it is already on the way up.
You should take into considerations all fo your personal needs and wants as well as market conditions to make a well informed decision.
Good luck,
Beth Jenkins
Realtor Asssociate
ARE HOUSE PRICE GOING TO DROP ANYMORE OR SHOULD WE BUY NOW?????
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