What do you think of the market in your area, why and state the general part of the country as part of the answer please. I'm in Florida and believe we are in a flattening period, although parts of the country likely will soon be in a decline if not already declining.
2006-07-03 09:17:01 · 4 answers · asked by silversurf88 2 in Business & Finance ➔ Renting & Real Estate
I moved from Florida in December, and most of the homes that were on the market when mine sold are still sitting there. I was able to sell because I had a reasonable price on my house. Part of the Florida boom was due to the post hurricane demand for undamaged homes that were ready for occupancy. People got carried away.
I moved to western South Carolina, and the market here is just starting to boom. There is a HUGE demand for existing homes, but very few of them available. New construction has been cranking up for less than a year. Home prices here are still relatively affordable, but there is almost no job market (second highest unemployment rate in the nation last time I checked).
I was able to take the proceeds from the sale of my home in Florida and pay cash for my house here. In another 6 months prices will be too high for that.
2006-07-03 09:27:24 · answer #1 · answered by Sharingan 6 · 0⤊ 1⤋
I think it is over. I live Los Angeles, CA. I saw for sell signs everywhere. The houses are sitting on the market much longer than before. I am sure that the price will decline because some sellers are asking unrealistic price for their houses. New condos around my place also lower their price by 5% as well.
In California only 15% of the population can afford median home price which is 550K. I am still in the process of shopping for my first home. I think I will wait a bit until next year. Renting is for cheaper than buying right now. .
2006-07-03 09:32:50 · answer #2 · answered by cooldude_91801 2 · 0⤊ 0⤋
Not sure, but............
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:
http://sandiegofsbo.blogspot.com
http://www.brokerforyou.com/blogger/index.html
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.la-jolla-real-estate.info
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
http://www.poway-real-estate.info
http://www.del-mar-real-estate.info
http://www.la-jolla-real-estate.info
http://www.los-angeles-real-estate-brokers.com
http://www.san-jose-real-estate-brokers.com
http://www.orange-county-real-estate-brokers.com
http://www.san-francisco-real-estate-brokers.com
http://www.sacramento-real-estate-broker.com
2006-07-05 06:50:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
http://www.poway-real-estate.info
http://www.del-mar-real-estate.info
http://www.la-jolla-real-estate.info
http://www.los-angeles-real-estate-brokers.com
http://www.san-jose-real-estate-brokers.com
http://www.orange-county-real-estate-brokers.com
http://www.san-francisco-real-estate-brokers.com
http://www.sacramento-real-estate-broker.com
2006-07-10 03:15:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋