I'm looking at buying some property in Michigan (2 or so acres). I was hoping because of housing market, I could get it cheaper now and when I build in 2-3 years, I could possibly save money by already having the property.
Is this a good time to buy (Will probably buy in Feb. / March).?
Thanks
2007-11-28 15:01:38 · 4 answers · asked by Matt 2 in Business & Finance ➔ Renting & Real Estate
Listen very carefully and read what I'm about to say about 5 or 6 times to let it sink in...
WAIT! The real estate market crash is NOWHERE CLOSE to being over. Prices will be lower in 6 months, 12 months, and maybe even 18 months. Then, they will plateau at that low level for 2-3 more years till they start to go up in value. It may be 2015 or 2020 until prices get back to their high as in 2005.
2007-11-28 15:11:45 · answer #1 · answered by Keep On Trucking 4 · 0⤊ 1⤋
you will continue to see prices decline back to what the public can pay for it based on income. raw acreage will not adjust as much. you have to ask yourself this question... is this the perfect piece of property that you always dreamed of owning and can afford to pay cash for it or is it just ok and you will be borrowing the money just because you fell you will be priced out forever from owning anything?
2007-11-29 05:19:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The prices of vacant land have not, and do not normally, follow the roller coaster prices of existing improved real estate as we are currently experiencing.
2007-11-28 23:07:00 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Do it now, dont wait, listen to me.... prices are goint to be up back very soon,
2007-11-28 23:34:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋