I live in Lake County, FL, just wondering how low will the home prices go? Should I wait a few more months to buy a home, or find one now, and hope that I get the best deal?
2006-09-29 02:53:59 · 7 answers · asked by skueekie 2 in Business & Finance ➔ Renting & Real Estate
do you really need a home right now? They say, at least some of the "experts", that its gonna be a rough market for the next couple years, and then level out and start going back up. Depends on where you live, and who you believe. I dont think that right now would be the cheapest time, but if you find "the" one for you, you may be able to negotiate a better deal.
2006-09-29 02:57:55 · answer #1 · answered by tomhale138 6 · 0⤊ 0⤋
Actually, the best deals for buyers happen when prices are in retreat, because so few people are willing to buy, you find the most desperate sellers. We got up to a 40:1 seller to buyer ratio locally this summer. If you wait for prices to turn around and start rising again, buyers will come out of the woodwork, and the time of best deals is gone.
I don't know your local market - nobody can know all the local markets. But that's the way things work. The best deals for buyers happen when nobody else is willing to buy.
PS. Trying to time the market is not likely to work, any more than it does in the stock market. Time in beats timing every time. If there was anybody who could reliably time the market, they would have wealth to beggar Bill Gates and Warren Buffett combined.
2006-09-29 10:03:23 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
I hope they continue to drop. When they get to a point where most of the populace can no way afford the average price of a home, something has to give.
For someone just starting out, trying to but a house, it is darn near impossible. Average house price pushing a quarter of a million dollars. If you don't have cash from the insane run up in prices on existing homes, there is no way the average Joe can afford that kind of money.
2006-09-29 10:04:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Next summer i would guess you may get to buy at 30% decrees of today prices. After that is would say the bottom will be about 50% of today. The key is to find people ie home that have not been bought in the last five or six year and they have not taken out a second.
Those who have to dump there homes and have purchase them is the last five years are going to take a loss. If you have not realized it they have made a bubble if you understand this it will help you and it may be upsetting but the truth does hurt at times.
http://www.breakingbubble.com/index.htm
2006-09-30 00:50:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Prices will probably continue to drop or flatline for 2-3 years.
2006-09-29 09:56:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Housing prices will drop....to sell but interest rates will go up!
So it's up to you. Would you rather buy a cheaper house with a higher interest rate or buy a little more expensive house with a lower interest rate?
2006-09-29 14:31:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think the market is getting close to the bottom.
Matt
http://www.diversifiedlender.com/
http://www.minnesota-mortgage-rates.net/
2006-09-29 10:34:16 · answer #7 · answered by Matt J 3 · 0⤊ 0⤋