we are looking forward to buying our first home in the middle or end of 2008. i can not believe how AWESOME prices are for some pretty luxurious homes around my area. not 2 years ago, you couldnt find anything halfway decent for under $200,000. ive been looking around more lately...just to see whats out there....and GEZZ! i am dissapointed we aren't buying now! you experts out there....do you think things will be the same when we are ready to buy next year? or will prices sky rocket again?
2007-02-15 03:59:55 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Actually, there has been no real estate bubble or crash in Texas due to the continuing availability of land to develop. Prices have been consistent for years and years at about 4% appreciation each year. And Money Magazine (and other studies I've read) predict that property will increase 4% again in 2007.
I don't know exactly what part of the state you live in. Obviously this is a generalization and certain areas may experience fluctuations. If you do happen to be in an area of Texas that has experienced a dip, then I wouldn't worry; you may even be better off buying in 2008 when the oversupply catches up to builders/developers and they have to cut prices even more (or not raise them as they'd planned).
I'm planning to buy investment property in Dallas in 2008 as well. The most important thing is that you are in the right position financially. Don't try to time the real estate market. Over time, it's going up--especially in Texas.
2007-02-15 04:59:14 · answer #1 · answered by lizzgeorge 4 · 0⤊ 0⤋
I think you're going to do great. And you're right - you can buy alot of home for 200. From now, until then, just keep renting. Make sure your finances are in order so you'll be ready to pull the trigger when the time comes.
In San Antonio, you can rent a $200k house for about $1,500 right now.
2007-02-15 05:46:52 · answer #2 · answered by teran_realtor 7 · 1⤊ 0⤋
So far this year thing are pretty steady. New construction prices are higher because the cost of the materials has gone up so much due to gas prices etc... I think things will stay pretty stable. Just pray the gas prices don't go up again and things should be fine. When new construction goes up so do the prices of older homes. People think they should be able to get new prices on older homes.
2007-02-15 04:18:00 · answer #3 · answered by melinda b 2 · 0⤊ 2⤋
The only reason things are so cheap out there is because you live in a barren wasteland...High temps and extreme conditions don't make it...enjoy the summers
2007-02-15 04:03:32 · answer #4 · answered by Johnny A 5 · 0⤊ 2⤋