The housing market has fallen considerable. I live in one of the highest cost of living areas in the country. I have seen home prices fall from $50,000-$100.000 within a few months.
However, I'm not quite ready to buy. I might be in a year or so. Will the housing market still be a buyers market then? Will home prices go even lower then what they currently are?
How long with this buyers market last for/
2007-11-29 17:11:33 · 6 answers · asked by J'adore 4 in Business & Finance ➔ Renting & Real Estate
It really depends on where you are. If you are in one of the locations that has had a significant price % decrease already and there are a lot of foreclosures on the market, it will take a considerable amount of time to reduce the inventory and get the ship righted.
I would guess that these areas include Miami, several other FL locations, Las Vegas, Phoenix, Detroit, parts of CA, many areas in OH.
If you aren't in these areas, there are several more that are soft, but not really bad, NJ, MA, parts of CA then the prices shouldn't be dropping any more, but could be flat.
Some areas are still increasing in price, Portland Ore, and Charlotte, NC are two of those areas.
Real estate is always local. Contact a few local real estate agents and interview them about their styles and how they would help you. Be upfront and tell them you aren't going to buy for at least a year. Ask their honest opinion. They should have the best feel for the local market.
good luck!
2007-11-30 00:27:12 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Nobody knows for sure, go with your gut. Most estimate that it will at least last through the middle of next year depending on which area of the country your talking about. There are tons of deals out there for buyers right now. Check out the foreclosures and short sales, you should be able to get the best deal those! Good luck
2007-11-29 17:19:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The real estate market is just like the stock market. It falls in thirds.
We are experiencing the mortgage fall out---short sells and foreclosures are everywhere.
We are starting to feel the builders fall out---many are beginning to dump new houses on the market at wholesale prices.
But another section of the market will fall as well before we hit bottom and rise again.
The rise in the market will come. If you buy at a 50k discount then you will had made 50k. But if you wait for greater discounts you could lose your chance.
2007-11-29 18:43:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There is not enough information in your question for it to be answered correctly. Two points that stand out to me.
First, congratulations for being mature enough to realize now is not the time to buy a house for you. Had more Americans acted as you, perhaps this mess would be smaller.
Second, hold on to the desire to accomplish your goal of owning a house. Do some mortgage calculations, start a savings plan, and follow sales in your area. By the time your are ready to commit to a purchase, you will have some sense of the history and pricing trends.
2007-11-29 17:23:25 · answer #4 · answered by slogoing@sbcglobal.net 3 · 1⤊ 0⤋
As a mortgage lender, I have to say yes, that prices (generally) will go lower still. I have seen more loan guideline changes than I can keep track of in the past few months. Today one of my favorite investors increased the minimum credit score to qualify for a loan.
This and other changes will undoubtedly lead to fewer and fewer buyers for now...
Most of the riskiest loans (subprime) will continue to cause problems for another year because they tend to adjust to higher rates after 2 years and it is only coming up on 1 year that they have more or less gone away.... so, sadly, there are likely many more people facing foreclosure in 2008.
Just be sure to keep your credit clean. Make sure you know what kind of loan you qualify for. Fixed rate only.... (adjustables are barely lower rates anyway)
Best of luck to you!
Charlie
2007-11-29 17:37:11 · answer #5 · answered by Charles C 1 · 1⤊ 0⤋
Mainstream media became into reporting housing expenses have been inflated and there became right into a bubble in 2005. people who have been paying interest acknowledged this a minimum of a 12 months in the previous. maximum persons did no longer "anticipate" the crash until early 2008 because of the fact they do no longer pay interest. 2000/2001 there became right into a inventory industry crash yet no longer a housing crash. i'm no longer saying no one lost there domicile, it became into purely a distinctive scenario. The subprime industry hadn't more advantageous yet, so human beings had the reserves to proceed paying the non-public loan.
2016-10-18 09:27:46 · answer #6 · answered by ? 4 · 0⤊ 0⤋