With the price of real estate predicted to be dropping in 08, does it mean that brand new homes, which today are already selling for cheaper than used homes, will be even cheaper next year? When do you guys think will be the best time to buy?
2007-12-23 08:09:05 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You stand a better chance at getting a deal on a 'used home' in any event. The builder/developer has a fixed cost involved in the property, and is unwilling to go below a certain point. Private sellers are different in that regard, for a variety of personal reasons. The best time to buy is NOW, when prices are seriously depressed.
Why would you wait, and run the risk of not being able to obtain a mortgage at today's rates ? Any savings you might make by waiting for property prices to drop a bit further will evaporate with one or two quarters of a point in your mortgage rate.
2007-12-23 09:09:14 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
It depends where you are in the US. The media is one of the main problems in real estate today, they have no clue what they are reporting! One of the best source for real estate info is a man with the last name of Dent. He has been predicting real estate for over 20 years and is usually more than correct! Real estate is ALWAYS a good investment. When have you ever heard of rent going DOWN? If you just want to purchase a home to live in, then now is the time. Prices may go down a little more, but they will go up again and higher than you pay now, especially if you buy directly from a bank. Bank owned homes are the best deal, but be prepared to do a little TLC!
2007-12-23 09:33:54 · answer #2 · answered by Sharon B 3 · 0⤊ 0⤋
The cause they are saying youll get a bettern deal going with a realtor is on the grounds that the realtor has enjoy. Just do study so you understand how so much you must be buying the residence and why. If the builder is aware of that you simply cant be taken talents of they'll be in a position to speak industry. Real Estate dealers simply take your cash, they are handiest quintessential if youre lazy.
2016-09-05 14:44:45 · answer #3 · answered by pintar 1 · 0⤊ 0⤋
as a large builder in southern Michigan i dont believe we will see a good boom in new houses for a while. my boss just pick up a 4 year old home that was listed for $419,999 for $184,000. we couldnt build it for that if we had to. the market right now is in the flipping of homes. you can buy foreclosures for pennies on the dollar. most recent one i seen go was a 140k home for 10k bank wanted it gone and they took the best offer on the table. new home profits have been cut so far over the past 7 years the old homes prices are determined by a appraiser new homes are cost plus % of profit so no matter what it will always be cost unless you run across someone who is getting ready to go under.
2007-12-23 09:19:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋