2007-09-09 16:20:18 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Depends on where you are... there are exceptions to this like NYC. Actually, what alot of people are doing to prevent house prices from going down is to throw in incentives, like granite tabletops, one year leases to a car, vacations, paying all the closing costs. Home owners also may just say to hell with selling and just rent out the home until the market rebounds.
2007-09-09 17:50:54 · answer #1 · answered by Kenneth C 6 · 0⤊ 0⤋
they aren't going down where I live. I live where the prices skyrocketed over the last 3 years. I think a lot of people are stuck with overvalued properties with big mortages and no equity. They can't afford to sell them for less and they can't make their payments. They are basically screwed. Sometimes that happens when the market suddenly tanks and someone is left holding the bag before they can flip their property.
2007-09-09 17:12:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Many new home builders are slashing prices big time and are giving away options to allure buyers. This tactic will hit the resale market. Also, real estates is more "local". Places like Raleigh, Charlotte, and Portland are still seeing price increases. Not every market is hard hit by this credit crisis.
2007-09-09 18:07:21 · answer #3 · answered by Phil 3 · 1⤊ 0⤋
Home prices have fallen but it depends on the area, Th outlying parts of Phoenix were hit with 20% drop of values
2007-09-09 16:38:09 · answer #4 · answered by Bob D 6 · 0⤊ 0⤋
I wonder where you live. My (investment) property in Utah is down 20% and my home in the Chicago suburbs is down 10%. They both have brand new (2007) kitchens, baths, and flooring. Those two markets are considered pretty stable!
Luckily for us it's all paper loss as we aren't selling.
2007-09-09 16:46:43 · answer #5 · answered by starrystarrynight 4 · 0⤊ 0⤋
They are going down ,
Where are you looking ?
Well , maybe Kauai and San Francisco are still up ,
But their prices are not as tied to the mortgage mess .
People there make uber bucks and loans are not as much of an issue .
>
2007-09-09 16:28:13 · answer #6 · answered by kate 7 · 0⤊ 0⤋
They will. The builders were hit first, and they really cant go any lower.
Used houses still need to crash... but so many people used their house as an ATM machine, they cant go much lower without having to bring money to closing.
2007-09-09 16:27:42 · answer #7 · answered by Mike 6 · 0⤊ 0⤋