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Replies (8)
- NTETS, "Mr Caveat"
- Contributions:6436
depends on where you live, if you live in CA, NV, FL or TX... nope, you are a doomer, or rather doomed...
if you live in AL expect increases in property values along with NY and a few other places... outside of the extremes the fluctuations will probably be limited to 5-10% and if you plan to own your home, it will perform just like any other investment, ups and downs
- KD in Texas
- Contributions:859
TX is just fine, thank you very much. We didn't have 300% price appreciation like CA or FL. We are affected by over-building and ARM defaults, but TX is not in the same league as CA or FL.
- wannagonow
- Contributions:352
Samantha1979 i am too obsessed with the market, checking Realtor.com and Zillow many times and reading anything I can get my hands on to understand what is going on! I am trying to sell in IL now, and it's weird, exciting, frightening and sometimes depressing! I don't know if we will be able to sell. The good thing is that we dont need to sell we WANT to sell. The interesting thing is that we are all trying to make sense of this down market and find ways to get around the state of the economy. You are in a good position, at least you don't need to sell! I wish I was a buyer right now, with no house to sell.
- Sam Finley, "Samantha1979"
- Contributions:2
Thanks for the comments. We live in west Tennessee, near Memphis. I do not think we are in a CA sort of predicament, however, our local boom has screeched to a halt. We also live in a new build, or at least it was when we purchased it. We likely bought it over market, at least slightly.
Although we do not have to sell now, if this were normal times, we would. Just after purchasing this house, it quit working full time and returned to college. We have to rent out a room and that is not always comfortable. We would have loved to have that 2 year, 6% appreciation we had hoped for. However, we just watched our neighbor take a $9,000 loss on his resale. We don't have 9K. We are stuck here and stuck with the renters until I return to work full time.
This is when your house feels like a liability, not an asset.
Although we do not have to sell now, if this were normal times, we would. Just after purchasing this house, it quit working full time and returned to college. We have to rent out a room and that is not always comfortable. We would have loved to have that 2 year, 6% appreciation we had hoped for. However, we just watched our neighbor take a $9,000 loss on his resale. We don't have 9K. We are stuck here and stuck with the renters until I return to work full time.
This is when your house feels like a liability, not an asset.
- Winifred
- Contributions:842
Sam,
Look at the bright side: At least you have a solution and you are not facing the loss of your property.
Since you know you can't sell I would stop reading this site and ignore the discussion of real estate on tv. It is not going to help you to read/hear every detail.
- Cal Homes
- Contributions:58
Sam,
The problem is the Media makes it worse than what it really is. Think about it, a few years ago homes were going for way more than what they should have and many people overpaid for these homes. Now these prices are getting around were they should be. The last 5 or so years in IL have been record breaking years. This year so far, has been the worst year out of these 5 record breaking years. Not bad, Right? Interest rates are still very low (around 6%) and home prices are even lower now. What's going to happen with the prices once the market DOES rebound? They will go up and many of the people who bought today are going to be sitting' pretty good. The market is always going to go up and down and we can't do anything to stop that. My company out here in Rockford has teamed up with the local paper interviewing agents, sellers and buyers about the local Market and how it really isn't that bad.
- Kaye Norenberg
- Contributions:824
Jason,
Speaking for many of the sellers on this board, the market is bad. Many of us have had our homes on the market for several months with substantial price reductions. We want to get on with our lives joining loved ones in other states and we want to live normally not being obsessed with cleanliness. Please don't come on the sellers board and say things are not that bad when our true life experience is quite the opposite!
- Cal Homes
- Contributions:58
My post applies to IL and If you don't live in IL the post may not apply to you. No, the market is not that bad. In the 80's interest rates were 16% or higher and needed atleast 20% to put down. Thats Bad.
I'm officially obsessed with the housing market?
I bought my first home, a new home, two years ago, feeling like I had just made the best investment of my life...feeling like a responsible adult. However, everything that has happened since that time (economy, home values dropping, etc, etc, etc), has really stole my thunder.
Is there hope? Is there a way I can NOT be a droomer and a glommer?
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