2006-06-23 01:38:42 · 5 answers · asked by LINDA K 2 in Home & Garden ➔ Maintenance & Repairs
Keep in mind...........
Times and markets are changing!
In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???
This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.
From 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!
With all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!
For some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:
Times and markets are changing!
In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???
This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.
From 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!
With all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!
For some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:
http://www.downtown-san-diego-real-estate.com/san-diego-real-estate-article-index.htm
http://www.brokerforyou.com
http://www.san-diego-for-sale-by-owner.com
http://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us
http://www.brokerforyou.com/blogger/index.html
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
2006-06-26 03:24:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The market has changed substancially in the last couple of months due to riasing iterest rates and uncertainty as to the direction the market is going it will level off soon as the prices correct themselves.We are just coming out of a real estate boom.
2006-06-23 08:48:27 · answer #2 · answered by thomas p 3 · 0⤊ 0⤋
Everyone is either looking at a layoff or already out of work. No one can buy anything with gas $3.00 a gallon.
2006-06-23 08:43:38 · answer #3 · answered by AlphaFemale 5 · 0⤊ 0⤋
First 3 anwers are clues, but why would anyone wish to relocate to NJ?
2006-06-23 09:01:16 · answer #4 · answered by DIY Doc 7 · 0⤊ 0⤋
It's like that across the country sweetheart!
2006-06-23 08:41:38 · answer #5 · answered by jab92593 5 · 0⤊ 0⤋