So house prices have hit the roof in the past decade, but has had the tide turned? Will I be able to afford a house now??
2006-07-06 11:38:59 · 16 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
I am watching two indicators. The number of days on average houses on the secondary market are for sale and the number of foreclosures as the fed announces interest rate increases. I'm a real estate bottom feeder and usually buy my rentals at rock bottom. The other time frame I'm interested in is when property taxes are due. Where I live that is April and December. I saw a very largre number of houses go on the market in April. Now, I'm watching the reduced signs go up on those same properties. Check out foreclosures.com in your zip to see what property in your area is either carrying a tax lien or is in preforeclosure. I venture to say that if the fed raises interest rates again when our property taxes are due there will be a lot of desperate sellers who overbought cannot absorb the increase in their mortgage payment and the property tax installment come December. So, in answer to your question, it can only get better for the patient buyers.
2006-07-06 11:44:52 · answer #1 · answered by eskie lover 7 · 4⤊ 0⤋
There is some truth to all the comments here, the housing market is in a bubble, housing starts have declined, resale of houses has dropped etc. etc. so it would be to be expected that housing prices will soon fall. Trouble is... the United Statesian housing market exists within the US, the Dollar (the United Statesian currency) is in decline and people will naturally flock for a place to park their dollars before inflation devalues them, one of the best places to park money is the real estate market. So, it is likely that as the Dollar declines the housing market will see a double surge one due to inflation the second due to the excited 'bubble effect' buy now before housing prices go even higher.
Once it reaches it's peak it will drop drastically, but we are nowhere near that peak as the real spike in housing prices has yet to come.
2006-07-06 11:50:30 · answer #2 · answered by Eli 4 · 0⤊ 0⤋
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2016-12-16 15:03:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes home prices will decline but not everywhere and not all the same. housing is a local market. some places may still go up. the bubble places will go down the most and fastest, ( Los Angeles Etc) Florida is still a good investment but some prices hav estopped going up because of overbuilding. this may be a good buying opportunity
2006-07-06 11:42:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Can't see that happening around where I live, houses are being sold the same week they go on the market and demand still out strips supply maybe in other parts of the country, the London bubble for xample has to burst.
2006-07-06 14:38:03 · answer #5 · answered by ligiersaredevilspawn 5 · 0⤊ 0⤋
Sorry to say...I work for an appraisal company and i can tell you truthfully that they will not go down...right now were at a stand still....prices aren't rising or dropping.... kind of just staying where it is.....but they will never go down....just keep going up....so if you want to buy a cheap house i recommend you do it now.....before housing starts to rise again.
2006-07-06 11:42:46 · answer #6 · answered by 1981 4 · 0⤊ 0⤋
I read something earlier, apparently according to Halifax house prices are starting to fall.
2006-07-06 11:41:42 · answer #7 · answered by Sian J 1 · 0⤊ 0⤋
I've been waiting for those prices to drop, it looks like the prices on everything have gone up but the pay still the same.
Still waiting......
2006-07-06 11:41:09 · answer #8 · answered by Sunny 4 · 0⤊ 0⤋
It depends what area.. your looking at.. I bout my house for $450,000.00.. Pretty cheap ... but the area wasent that great.. and 5 Years later they did construction.. and fixed up the roads.. the schools. the surrounding highways.. and now my house is worth an astonishing $700,000.00
2006-07-06 11:44:27 · answer #9 · answered by BigAwnsers 2 · 0⤊ 0⤋
No, real estate will never de-value as an investment. Nobody is willing to sell their house for less than they spent on it, so it'll never happen.
2006-07-06 11:42:30 · answer #10 · answered by abfabmom1 7 · 0⤊ 0⤋