just wondering! because I'm planning on buying a house within a few years and hoping that a house that is worth around 500,000 now would be worth much less in a few years...
2007-11-21 17:50:01 · 8 answers · asked by MissUnpredictable 2 in Business & Finance ➔ Renting & Real Estate
YES, it's true! And the next powerball numbers are 12, 19, 21, 24, 39 and 40!
2007-11-21 17:56:10 · answer #1 · answered by 321 3 · 1⤊ 1⤋
Even if the market goes down, at a huge 10% drop that 500,000 house would still be selling for $450K .
A lot of money in real terms, but that is still a big price for a house.
If the market does go down, and most people can still afford the mortgage payments, they will stay and not sell. Even if upside down. AND That is what most people do. It is their home and they would have to go and live someplace else anyway. That lack of sellers keeps the market more stable than stocks.
I bought at the high point of a market, prices stalled and then dropped, I just kept making payments and presto!, a couple years later the market rebounded and my house was worth more....and I just stayed put and made payments.
But you will see a general weakening in 2008 b/c of some greedy or stupid investors who got in at the last minute.
2007-11-21 20:52:00 · answer #2 · answered by t S 4 · 0⤊ 0⤋
No. Not true at all. The economy has cycles. Research it. We are at the low point right now of the slope. So we can only go up from here on out. In two to three years we will almost be back up to where we were 2-3 years ago. The best time to buy is now. That is why investors are crawling out the woodwork. They're the smart ones. Record low interest rates, and home prices. Why wouldn't you buy?
2007-11-21 20:31:07 · answer #3 · answered by Sofia is here!!!! 3 · 0⤊ 0⤋
that's a bold face fallacy i've been in la for over 15 yrs watching the market. the realtors make the prices and the locations dictate the prices. the houses are the highest theyve ever been and will remain maybe going down a small % but home with land etc will always be of value especially if it's well taken care of
2007-11-22 15:51:58 · answer #4 · answered by d s 4 · 0⤊ 0⤋
Read the financial news, and watch the markets, yes CA< FL and NV have the most foreclosures, which equates with the most on the market, add the amount of eligible buyers have gone done, simple supply and demand. It is forecasted that those market s,sorry add MI will decline in value 20-25% in the next year or two. Again research, read, and evaluate, see how many homes are for sale, and for how long they are on the market. Read how many foreclosures there are educate yourself on the area you are in, then make a decision.
2007-11-23 11:41:37 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
i'm actually in the process of buying a house now in los angeles. the prices are the lowest they've been since forever. pricing might still go down for a while, but i think in a year or two they will be going back up.
2007-11-21 18:04:44 · answer #6 · answered by beerbellian 2 · 0⤊ 0⤋
I would love to know who told you that.
in LA? I'm buying if I know it is going down.
LA is in a level market right now, it can only go up. If they make more land over their, maybe, just maybe there is a slight probability that house prices will go down....
we keep making babbies but God stopped making land...
please dont believe the media hype, get with your local expert, if you cant find one , get with me so I can point you in the right direction... hope this helps!
2007-11-21 18:07:45 · answer #7 · answered by SamG.- RSVP Austin Homes 2 · 0⤊ 0⤋
Hardly. House prices almost never go down, it's just speculation made by real estate agents so that people will start selling houses.
2007-11-21 18:00:30 · answer #8 · answered by Daisuke 6 · 0⤊ 2⤋