The prices will still go down or up for 2007?
2006-11-04 14:46:24 · 10 answers · asked by broken heart 2 in Business & Finance ➔ Renting & Real Estate
The economic forecasting firm Moodys is predicting a 3.6% decline in the price of existing homes nationwide as a result of the current real estate slow-down. This drop will take place over the next 2 to 3 years. However, that's just a national average; every city or town in America is its own real estate market, so you have to look at each community individually. The markets that have gained the most in the last few years (CA, FL, Las Vegas, Reno, Tuscon) are projected to drop the farthest--some in excess of 15%. Don't expect a quick recovery. It will be at least a year or two before inventories are back down to normal levels and prices begin to rise again. Moodys predicts that the market bottom will be reached between 2007 and 2009, depending on the city in question. To look up your city, check out the table at the link below. http://money.cnn.com/2006/10/05/real_estate/moodys/index.htm?postversion
2006-11-04 23:29:48 · answer #1 · answered by matthew s 2 · 0⤊ 0⤋
I think that depends on where you live. Some markets like New England, California and some other areas have been in a bubble for over 10 yrs. The values have been inflated. These markets are going to go down to what they should be. A buyers market as long as they are borrowing at a low interest rate fixed. Other areas like the south east like TN, areas in Va and more rural areas that don't cost a lot to heat and cool are still growing and building. The people moving out of the inflated areas are moving someplace, these areas are still at a reasonable buyer and sellers market. There isn't a lot of housing, that is why building is still doing pretty good . So, depending on where you are and how the market was before this change in the real estate venue will play a big part in how well you are going to do. Right now if you are buying it's not too bad and it may get better for you, but don't wait too long to buy if you see what you like because a lot of people are buying because they can get the loan and they are afraid the interest rates will go up. It's a very hard thing to predict because the market is different where I am than where you are. Good luck though.
2006-11-04 15:33:20 · answer #2 · answered by MISS-MARY 6 · 4⤊ 0⤋
Which market are you asking about? There is "no such animal" as THE market - all real estate is local!
For example - our home here in a SMALL town in TN has appreciated more than 10% so far in 2006, while my brother's property in Boston has actually lost some value. Markets which were "hot" early in this decade probably will be tough on sellers for a bit, but they will soon rebound, possibly as early as next spring.
2006-11-04 16:30:43 · answer #3 · answered by PLS 2 · 1⤊ 0⤋
Hello,
I completely agree with wanting to invest your money. Afterall, what's the point of making money if you can't make more money with your money (got that?)? Anyway, I've tried all different investments from stocks and bonds to IRA's, 401k's, and real estate. I'm really a big fan of diversification.
However, the only investment I've really been happy with so far is real estate. Over the past 5 years, I've bought 3 different properties (all have tenants, and I'm making more than the mortgage payments on 2 properties).
The 3rd property I got was using Carleton Sheets no money down methodology (he's a GURU in real estate, and yes, his methods do work!). You can actually buy a property for absolutely nothing down (NO MONEY FROM YOUR OWN POCKET). I payed over $500 for his course 3 years ago, and I just saw it online for $9.95!!!! This is a steal at $9.95 (I'm actually going to buy it for my friends for Christmas). It was featured on TV, so I got the website from there.
Before you invest in anything, I highly suggest the Carleton sheets course. http://www.alllsite.info/real-estate.php
2006-11-05 02:31:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In the 40s and 50 you could buy a 2 bedroom frame 1000 sq ft house for $3500...
in the 60s it went up to about $10,000
......in the 70s and 80s $35,000
And now $80,000 and in California and New York this house would go for $800,000 to $1,000,000.
Do you have any more questions now about real estate prices continuing to rise?
2006-11-04 14:54:45 · answer #5 · answered by debbie2243 7 · 2⤊ 1⤋
It's a buyers' market right now. People have lowered their prices and are making deals. The prices will go back up in Spring.
2006-11-04 14:57:55 · answer #6 · answered by notyou311 7 · 1⤊ 0⤋
No I don't think the market will get any better any time soon. with the war going on people dont have much money. With gas going up like it has people need all they have to get gasand food. the gas prices are also making are food prices go up. We have to make up for it some how. When ever somthing goes up something else goes down to make up for it.
2006-11-04 14:50:52 · answer #7 · answered by jennifer m 1 · 0⤊ 1⤋
Will drop like a rock. due to the dishonest way they made the bubble, this is not some slight cooling off or adjustment but the law of money always correction a wrong.
http://www.breakingbubble.com/index.htm
2006-11-04 18:09:43 · answer #8 · answered by Anonymous · 1⤊ 1⤋
Most definately....theres always a calm before the storm ! ! !
2006-11-04 14:49:33 · answer #9 · answered by bobkitten 2 · 0⤊ 1⤋
I don't expect it to till spring.
2006-11-04 14:49:55 · answer #10 · answered by Karen R 3 · 1⤊ 2⤋