When is the real estate market going to turn around for the better? In Massachusetts?

Answer 1

The collapse of the housing bubble is just beginning look for prices to drop another 10% before this turns around. Eveyone stated it was just the subprime market I have been warning for months it goes beyond that, and now it is , it is hitting the Alt-A and prime market, and will hit harder in the next 12-18 months as loans reset. Investors are skitterish right now and will remain that way for quite some time, which makes a tightening of credit removing more and more people from eligibility, yet more and more houses are on the market. Housing has been overinflated for a few years now. The correction is just beginning.

Answer 2

Hi! I'm a Realtor. Today the National Reat Estate Association announced the nationwide housing market dropped again for the 9th month in a row. The the Wall Street problems in Prime and Subprime lending the turnaround could be another 6-9 months. The housing market is the worse it has been since Nov 2002 when the market took a huge nosedive. I would not expect this to get better any time soon as foreclosures are expected to be diasterous after the next 6 months. Watch carefully and invest wisely. Don't buy now, you will regret it in 6 months. M

Answer 3

Not sure when it will turn around for all of Massachusetts.

I just bought a house in a rich town. I probably would not be able to afford the same house last year, but the sellers dropped the price by 10% to attract buyers. It worked, there was a bidding war. Houses that cost 1.5+M are still being bought, but the ones within 300K-400K range are staying in the market far longer.

More affluent towns like Lexington, Winchester, Concord, etc, barely budge their prices. The median price is still over 600K and a 1/10th acre dump still costs over $350K.

However, my old realtor told me towns around the north western/western part of the state have very high foreclosure rates. He blamed it on the McMansion developments - too much house for a small family.

I think poorer communities will be hit significantly more than affluent neighborhoods. The foreclosures will drop down property values, less property taxes will be collected, the already struggling educational and community programs will be cut.

I think it will be improve 1-2 years, but it will take communities far longer to recover.

Just hope that the Gen-Xers and my fellow Gen-Yers will start buying houses sooner after college. Most likely for those that do not have student loans.

It is finally affordable to buy a house for my generation. Two years ago, I thought I would never be able to afford a house at the rate of price increases.

Answer 4

Let me get out my crystal ball..........