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Answers (12)
- Jeanne Feenick, "TopNJAgent"
- Contributions:149
Hi there, working with an agent who knows the market you are considering and has the analytic skills to apply that knowledge will help you greatly. A thoughtful pricing analysis will capture market conditions and apply them in arriving at a suggested price range to guide your bid and negotiations.
Appraisers are also making assessments on the status of a market area and applying factors to their appraisals that affect value. That info should also be available to you and your agent will likely be able to tap it for you from mortgage reps and/or appraisal contacts.
Appraisers are also making assessments on the status of a market area and applying factors to their appraisals that affect value. That info should also be available to you and your agent will likely be able to tap it for you from mortgage reps and/or appraisal contacts.
- Frank Festa, "Frank J Festa"
- Contributions:1188
I believe your question is this: Is buying a home a good investment? Regards,
- Sally Picciuto, "sallypicciuto"
- Contributions:27
It isn't hard to figure out if you are buying in a declining market. It is extremely difficult to figure out if we are at the total bottom of the market. Don't try to time the bottom. When interest rates are where they are at, buy a home to live in that fits your needs and you could afford it. If you are a first time home buyer, is it cheaper than rent? Include the write offs you get, the tax benefits, the joy of owning your own home....these should outweigh the thoughts of buying at the total bottom!
- sunnyview
- Contributions:25139
Upside down is upside down. Any way you frame it you're upside down. I think I read that in an in flight magazine once.
Buyers need to seek value and if possible look for a house with a PITI less than rent. At least that way they are putting money away every month while they live in their own home. It's not perfect protection from more drops, but it works over time to the owners benefit.
Buyers need to seek value and if possible look for a house with a PITI less than rent. At least that way they are putting money away every month while they live in their own home. It's not perfect protection from more drops, but it works over time to the owners benefit.
- Linda Strasberg, "L Strasberg"
- Contributions:2316
I recently took an inventory of the homes I sold since 2009 and am happy to note...had my buyers elected to rent for the last three years they would have paid anywhere from $43,000 and up in rents with no write offs for something not as spacious as what they purchased.
I checked the recent comps and the most one buyer lost in equity since buying in 09 shows to be $11K on paper...we stay in touch and they're quite happy with their home purchase ...Oh I forgot... they also recd a tax credit of $8K . so they're upside down by $3K since 09...
I feel great to be able to assist in making the dream of home ownership a reality and in finding exceptional values for my buyers
I checked the recent comps and the most one buyer lost in equity since buying in 09 shows to be $11K on paper...we stay in touch and they're quite happy with their home purchase ...Oh I forgot... they also recd a tax credit of $8K . so they're upside down by $3K since 09...
I feel great to be able to assist in making the dream of home ownership a reality and in finding exceptional values for my buyers
- sunnyview
- Contributions:25139
You can look at a site like RealtyTrac, ask a local agent for the days on market and pricing trend or look on Zillow to see the price per square foot trend for the local market. The direction of all of those will help you know where the market is heading.
- Linda Strasberg, "L Strasberg"
- Contributions:2316
- Maria Morton, "MariaMorton"
- Contributions:716
When plotted on a graph, if the line showing prices of homes sold over time, is going down, that is a good indication that you are in a declining market.
If home values in your chosen neighborhood are significantly less this month this year than they were this month last year, there is a good chance that your chosen neighborhood is in a declining market.
If the prices of homes sold in the area have been less than the previous year for the last several years, that is an indicator of a declining market.
If home values in your chosen neighborhood are significantly less this month this year than they were this month last year, there is a good chance that your chosen neighborhood is in a declining market.
If the prices of homes sold in the area have been less than the previous year for the last several years, that is an indicator of a declining market.
- Frank Festa, "Frank J Festa"
- Contributions:1188
"Declining Market" you will verify it if that label is attached to your property in the appraisal. Work with someone you trust. Regards,
- Vince Curtis, "SoCal Appraiser"
- Contributions:4702
http://www.zillow.com/local-info/NJ-Sayreville-home-value/r_20377/
Sure looks like one to me. That said, thats really the best time. Dont try to buy at the very bottom - you will never do it. If you can afford a home now, buy it.. We are in a window of time where buying a home NOW makes sense - if you can afford it.
Sure looks like one to me. That said, thats really the best time. Dont try to buy at the very bottom - you will never do it. If you can afford a home now, buy it.. We are in a window of time where buying a home NOW makes sense - if you can afford it.
- Dan, "the_country_hick"
- Contributions:4700
You can always look at the Local Info tab above. Type in your area name in the search bar and see what the trends are there. Just be aware that summer can bring a temporary blip so compare it to last summer not last winter.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
how do i verify if i am buying a home in a declining market
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