2006-08-19 07:13:07 · 11 answers · asked by DKR 1 in Business & Finance ➔ Renting & Real Estate
In a year it will be a buyer's market. Northfork Bank just reported a decrease in revenue from new mortgages, interest rates are no longer at the record lows that were stimulating alot of the new home purchases in the past few years. Alot of homes are overvalued and alot of people have overextended themselves to purchase homes that they really can't afford and I think there's going to be alot of people trying to get out if thier mortgages as a result.
Depending on where you are, I think in a year there may be either decreases in property values due to the bubble or there may be a slowing of appreciation in more high demand markets such as New York and parts of California.
2006-08-19 07:33:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The real estate market is local in nature. Some markets will be better than others. For the past few years many markets experienced a boom but now prices are leveling off and in some cases decreasing. I believe that trend is going to continue. At least in Miami, where I live, there's a huge number of houses on the market. There are also lots of people that had no business getting a loan or buying a house that took advantage of the lax lending standards of the last few years and the abundance of "creative" loans available (like adjustable rate mortgages with low teaser rates and interest only loans). Those loans are set to adjust in the next few years and more and more people will finally realize that they cannot afford their house and will be forced to sell, further increasing the inventory of available houses and pushing prices down. If you are a seller, I'm afraid you missed the boat. If you are a buyer, a window of opportunity is opening and you may be able to find some bargains out there.
Good luck,
Mario
http://www.goodneighborbuyshouses.com
2006-08-20 11:56:42 · answer #2 · answered by habitatrei 1 · 0⤊ 0⤋
California is a nasty social gathering- genuine sources remains extremely extreme priced right here. fortunately i purchased my abode years in the past understanding that the Bay section is the innovator and psychological more suitable of almost another position in the international- retaining playing cards like this may purely mean a minor set back particularly than a finished fall down- i'm hoping, tongue in cheek. do not purchase something that could want to free it truly is fee critically even as your interest might want to develop into weak, previous this do not forget that one and all timing is speculative and those that deal with to waft by ability of the bumps with impunity are in all probability those that won't be able to help from starting to be millionaires for lack of the different economic enter- in the experience that they develop into self righteous at a dinner party- only shoot them and make one and all else's day till the police arrive, LOL.
2016-11-05 04:25:06 · answer #3 · answered by ? 4 · 0⤊ 0⤋
That will depend upon the long term money supply, and if foreigners are still investing their money in the United States the way they are now. We start showing the kind of inflation I think we'll get, and they'll look elsewhere for their secure investments.
2006-08-19 11:59:35 · answer #4 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
It will be better to sell your house in a year. Right now we are going through a correction and there are a glut of listings on the market. It should be better next year.
2006-08-19 07:31:52 · answer #5 · answered by stevemorbitzer 2 · 0⤊ 1⤋
It really depends on where you live....I live in El Paso TX, and it took one day to sell my house! I sold it myself, no Realtor and got asking price.....Homes in this area are undervalued and it is a sellers market, so it really depends on where you live....
I suspect here, it will continue to be a seller's market as long as values are down, but that may change in time...
2006-08-19 16:24:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
IF you are a Seller a real bummer if you are a buyer could be better.
check out this web site it will tell why there is a bubble and who is to blame, and what needs to be done.
http://www.breakingbubble.com/index.htm
2006-08-19 13:55:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
In the toilet for seller's but will be good for buyer's who are in a strong cash position, as financing will be harder and more expensive to obtain.
2006-08-19 09:32:44 · answer #8 · answered by WJW 2 · 1⤊ 0⤋
LOWER!
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.brokerforyou.com/brokerforyou
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.brokerforyou.com/san-diego-real-estate-sales.html
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
2006-08-21 04:44:57 · answer #9 · answered by Anonymous · 0⤊ 0⤋
that is a trillion dollar question. no1 knows!
2006-08-19 11:36:22 · answer #10 · answered by Piffle 4 · 0⤊ 0⤋