Housing market for 2008?

Question

Housing prices for 08, do you think it'll continue to decline. When do you think it'll level off. I'm planning on buying a home in 08. just want to know if i have adequate time. Mainly intereted in NY and NJ area.

Answer 1

There is so much conflicting data on housing trends available to the general public right now - it can be very, very intimidating. I would be very cautious buying a home right now as I personally analyze property value trends as part of my job. I will tell you this: property values will decline through 2009 to the tune of 25% to 35%.

If you prefer getting your data from the National Assoc. of Realtors (the NAR) - they've been touting since January of 2007 that the RE collapse would be a "soft landing" or has already bottomed. Understanding who these folks are, what they represent and why their predictions of the future or so "rosey" is the key - they're in business to move property - a booster squad trying to avert discouraging new, potential home-buyers by painting the current market in a positive light.

If you should decide to proceed with purchasing a home - there will be no better time than the 2008 as long as you know how to leverage your position. Cash is KING - and, if you have stellar credit and a 20% - 25% down payment - you're exactly the candidate the banks financing now. They're not financing anyone less than this presently due to the credit crunch "crisis" and the frozen, illiquid secondary market.

I would look to purchase a foreclosed or REO (real-estate owned ) property and offer the lowest possible price. Get your discount of 10%-15% up front - this will help to ensure against the expected continued decline of property values currently experienced in most MMAs (major metropolitan areas).

Finally, based on "insider bank data" I am privy to - NY and NJ are both considered at this point as "severely declining" markets in terms of RE values. Be cautious and leverage your bargaining position with knowledge.

Answer 2

It's hard to say. I know here in Hawaii, prices have been staying about the same while California has been dropping prices. I don't know what has been happening in NY and NJ but I'm thinking it will be doing the same as it as the last few months. Just remember if this is your first home, sign up for a 20-30 year FIXED mortgage. You don't want to lose your home like a lot of people when they did a 3yr-5yr ARM (adjustable rate mortgage). Many people lost their homes in forclosure when the rate adjusted after the 3-5 years and they couldn't afford the payments. Don't want it to happen to you. Good luck and Happy new year!

Answer 3

2-3 years ahead... however there are owners out there that have dropped their sales price for this reason. I feel you should be able to find a deal just gonna take a little longer. I would try and buy where the values and stayed steady. These types of properties are out there. LOCATION LOCATION LOCATION... lol Jory

Answer 4

I keep in mind in fall 2006 they suggested the subprime own loan difficulty strengthen into "small" and it strengthen into "contained". They suggested it does no longer bleed over to over mortgages or different loans. Paulson used the comparable term in fall 2007 asserting subprime strengthen into "contained". i think of that they had a house of taking part in cards and have been attempting to maintain it propped up. maximum funds managers get a share of total materials decrease than administration. If people pull out funds they make much less. so as that they are inspired to convince people to maintain funds in the markets. you will locate evaluations on the two aspects. you will desire to filter out by way of them and verify which makes maximum experience. i think of I appeared to have controlled to try this and have made the surprising call quite a few cases at serious factors. I have been given out till now this undergo industry and that i overlooked a great form of the fall of the internet bubble. till now each and every little thing i presumed it strengthen into fortunate. yet found out i strengthen into making my own "success". I did it via asking myself a less difficult question; "*in the present day* and for the close to destiny, are shares extra in all likelihood to circulate up or circulate down?" Asking that, often, gets me pulling funds out while shares get overpriced. i'm going to often circulate 20% at a time. What I even have chanced on is doing that, even in steps and not a lot at a time, potential while issues start to alter and circulate bitter I already have been out 50% or extra and would pull something and omit those very great downturns that would desire to have been obtrusive to extra people. however the industry has an upward bias so i might somewhat be in than out. i'm additionally a "vast image" guy or woman. in case you inspect an prolonged chart we are low right here whether shares fall added. you will desire to sparkling out short term noise from the long term challenge of inventory expenses and inspect destiny ability. That ability is weaker than it appeared a year in the past, yet quickly the direction would be up, yet slowly imo with a great form of noise in the middle.