Zillow Advice: Housing Market - July 2010 existing home sales fell by 27.2%. The worst since 1995. Is it still a good time to buy? http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ Zillow Advice | Zillow Real Estate "In our society we buy houses ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ "In our society we buy houses based on what we can afford in the way of a monthly payment..."<br/><br/>That is the problem. Only looking at your monthly payment is a trap for the financially uneducated. Just ask the millions of people who used an ARM to buy a house with a low monthly payment that they defaulted on when they discovered they could not truly afford to buy. Whoops. Wed, 25 Aug 2010 15:37:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-25T15:37:00Z "Isn't this just a sign that ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ "Isn't this just a sign that housing is still greatly overpriced and needs even more downward price corrections?"<br/><br/>Yes. Wed, 25 Aug 2010 13:40:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-25T13:40:00Z My market south Florida is ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ <p>My market south Florida is still priced to high for most people.<br/>An &nbsp;average&nbsp;household making 80 K can't buy a home in south florida without a 40 % down payment. Most people have 3% . price need to drop so that working bcouple can trully efford a house.</p> Wed, 25 Aug 2010 02:50:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-25T02:50:00Z Hope (and misinformation) ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ Hope (and misinformation) is eternal! Wed, 25 Aug 2010 01:06:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-25T01:06:00Z Each market is different, ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ Each market is different, so saying that homes are overpriced isn't true.&nbsp; One reason to consider buying now is the record low interest rates.&nbsp; In our society we buy houses based on what we can afford in the way of a monthly payment, but our thought process isn't there yet.&nbsp; Our thoughts are that we want to get the best deal, so we want to time the market to get the home when it reaches its lowest price.&nbsp; In reality, if the market drops the interest rates are likely to rise meaning you can afford less house.&nbsp; Look around at your market and visit with a Realtor there. Tue, 24 Aug 2010 20:24:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-24T20:24:00Z Sorry to say that most local ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ Sorry to say that most local realtors could not give you the trend of the market if it was an arrow on a dry erase board. Buyers need to stop relying on representations by the NAR faithful and learn more about their market so they can separate the wheat from the chaff when they go looking for an agent or a house. Tue, 24 Aug 2010 14:58:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-24T14:58:00Z No sales person has ever ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ No sales person has ever seen a bad time to buy what they are selling! <br/>In 2007, I predicted the crash here on zillow, and literally thousands of agents said "nobody knows, nobody has crystal balls".<br/><br/>SO, you want to ask the same people who never knew anything, what happens next? really? great advice!!!<br/><br/>Prices will fall from here, period. Anybody who doesn't understand that is simply clueless. Tue, 24 Aug 2010 14:57:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-24T14:57:00Z Contact a local Realtor and ... http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ Contact a local Realtor and they can give you statistics on Solds and Actives to see if the market is in a stabilization trend. Tue, 24 Aug 2010 14:52:00 GMT http://www.zillow.com/advice-thread/July-2010-existing-home-sales-fell-by-27-2-The-worst-since-1995-Is-it-still-a-good-time-to-buy/363488/ 2010-08-24T14:52:00Z