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Answers (13)
- Diane Smugeresky, "jesuschrysler"
- Contributions:63
A crystal ball would be helpful to answer this. Some areas of California seem to have stopped dropping while others have not.
- Diane M. LePera, "Diane M. LePera"
- Contributions:23
Well that is loaded question, First the Real Esate market is Local not national as Wall street acts. Every area is different with foreclosure rates and the market. These factors will effect your local market this spring. I know in my local area we look good and should see a very busy market starting in 2 months.
This should then start some positive market growth in prices.
The real question is Wait why? Are you buying a home to raise your family, and a have a safe place? Or are you just interested in making money?
Seems today's buyer forgot you buy a HOME not a house, it is about heart not fast $$. Fast money is a gamble some hit it big, most lose.
Happy HOME Hunting,
PS if I can assist in anyway let me know.
This should then start some positive market growth in prices.
The real question is Wait why? Are you buying a home to raise your family, and a have a safe place? Or are you just interested in making money?
Seems today's buyer forgot you buy a HOME not a house, it is about heart not fast $$. Fast money is a gamble some hit it big, most lose.
Happy HOME Hunting,
PS if I can assist in anyway let me know.
- Angie Boggeman, "angie boggeman"
- Contributions:469
The market will go up, it just might be 6 to 12 months. Lets all think positive.
- Mick Corbin, "Senior Consultant"
- Contributions:41
With very few exceptions, don't bet on values increasing much, if any.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Looking down...
http://www.zillow.com/local-info/CA-94505-home-value/r_399681/
for any zip code, click LOCAL INFO tabl in Zillow, they type zip code to see trend chart
http://www.zillow.com/local-info/CA-94505-home-value/r_399681/
for any zip code, click LOCAL INFO tabl in Zillow, they type zip code to see trend chart
- workabee
- Contributions:1030
Markets going down in the next 6. Sell 'em if ya got 'em.
wow! how to break the "no spam no self promotion" rule in spaded!
get a few more phone numbers and emails! I think 10 lines deleted by the moderators might be a record!
get a few more phone numbers and emails! I think 10 lines deleted by the moderators might be a record!
- Dave Jones, "DaveJonesRealtor"
- Contributions:258
I believe we are about 18 months away from the bottom. We should see some slight increases and a majority of decreases in that time. Spring of 2012 is when I foresee a rebound here in Central Connecticut.
Dave Jones
Broker/Owner, REALTOR, e-PRO
Certified Distressed Property Expert, CDPE
Dave Jones Realty, llc
[contact info removed by moderator]
- sheila cheney, "sheila knox cheney"
- Contributions:2
Well Diane the market is going into the quiet time of the year so all things considered it should stay the same or go down slightly. Another wave of forclosed properties is coming on the market which drags the rest of the market down. Hope spring eternal and the spring market will soon be here alot is in the confidence of the consumer. Let's see what Congress is doing about the tax cuts and see if the confidence of the USA can continue this climb out of the recession. Good Luck.
- Jes Sierra, "So Cal Listing Agent"
- Contributions:26
Recently, I have seen REO's come into the market a bit higher in sales price.I wonder if that is a trend?
There will be more foreclosures due to people losing their employment or cut in hours. Hopefully gas prices don't rise as high. That puts a dent on homeowners on a budget that have to drive 25 plus miles to their workplace. Lets all hope for the best.
- Anthony Sampson, "AnthonyaSampson"
- Contributions:5
I foresee a slight increase in interest rates and a large release of foreclosed homes from The US Department of HUD or Housing and Urban Development. The banks will slowly follow the flood. Therefore plenty affordable homes will saturate the market but the purchasing regulations will become more difficult as credit score across the US have take a major hit. This will be an investors gold mine. Listen, America is up for sale right now 40%-60% off. Get yourself a piece of the pie asap.
Anthony
[contact info removed by moderator]
Anthony
[contact info removed by moderator]
- karbonator
- Contributions:3
You are right. Interest rates will HAVE to increase soon, if not the world and US bond market will crash and cause catastrophe that the feds are not going to allow.
Higher interest will be a killer to housing sales in this market, and will drop prices even further..
I would sit tight, as I believe we will see AT LEAST another 20% correction downward in most areas!
Higher interest will be a killer to housing sales in this market, and will drop prices even further..
I would sit tight, as I believe we will see AT LEAST another 20% correction downward in most areas!
- Dan, "the_country_hick"
- Contributions:4691
What are the states at the heart of the foreclosure problem? Florida, California, and Nevada.
If you had a big rise in prices during the bubble and you have higher unemployment with more NOD's (Notice Of Default) coming in and foreclosures are increasing that should bring prices further down.
Do not forget one thing, the buyers bribe ($8,000) is dead. It temporarily propped up prices. They are now going down. The amount of people buying is at very low levels as is the amount of people who can finance a house.
Interest rates at such low levels are only keeping prices higher. When interest rates rise form 5% to 7% we will see a 23.7% decrease in buying power. That would drop a $100,000 house to a $76,300 house at the same monthly payment. Since we are below 5% going to 7% would really take even more buying power away.
I expect lower prices to come in the next year. If you look for bad loans written that will reset and recast you are likely to find many more foreclosures must come. Those bring lower prices with them.
If you had a big rise in prices during the bubble and you have higher unemployment with more NOD's (Notice Of Default) coming in and foreclosures are increasing that should bring prices further down.
Do not forget one thing, the buyers bribe ($8,000) is dead. It temporarily propped up prices. They are now going down. The amount of people buying is at very low levels as is the amount of people who can finance a house.
Interest rates at such low levels are only keeping prices higher. When interest rates rise form 5% to 7% we will see a 23.7% decrease in buying power. That would drop a $100,000 house to a $76,300 house at the same monthly payment. Since we are below 5% going to 7% would really take even more buying power away.
I expect lower prices to come in the next year. If you look for bad loans written that will reset and recast you are likely to find many more foreclosures must come. Those bring lower prices with them.
Our last estimate dropped slightly. What do you think the market will do in the next 6 months?
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