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09-21-2006, 06:31 PM | #26 |
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I believe Location will be the most important factor of dropping housing prices from now on. If you live in a crappy neighborhood you're not going to be able to sell your home at the inflated prices that you used to. On the other hand if you were to purchase a home in the more upscale parts of town, i dont think we'll see a big drop if any drops at all.
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09-21-2006, 06:42 PM | #27 |
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has anyone looked into the quantifiable difference the higher interest rate has on a new purchase vs 1-2 years ago?
I'm thinking it's like a 1-1.5% difference. For a 30 year loan, it's a no brainer. For a more likely 10 yr period: Even w/o compound interest (which is huge), a simple calculation has a difference of 1.5% on a $500K home to be $75,000. I know I overly simplified the argument, but that doesn't seem to stop others from throwing in their opinions. Seems to me, you pick your poison: Expensive house at low financing or cheaper house at high financing. I agree, Any way you look at it, the house flippers who joined the party late will burn (unless they alway netted mucho profits from starting earlier). |
09-21-2006, 06:45 PM | #28 |
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I have used rent versus buy calculators for where I live now. Assuming I had 20% down ($45K) my mortgage payment would be twice what my rent payment is now. That is before the HOA fees of $2600/year, PMI and other fee's and expenses. So $790/mo versus $1450, plus $650 a quarter for dues, PMI, and 45K...............I'll be happy to rent for a while and bank the rest.
This unit was purchased in '98 for $87K, comps in the hood are $230-240 today. I looked at purchasing a few years ago, even though I "qualified" I resisted as I didn't see the value (insert couldn't afford it) and hoped for something to come along more affordable. This was when speculators and investors were driving everything up. Glad I didn't catch the falling knife. Prices will decline and the affordability index will correct itself. Ocean City currently has twice as many homes on the market as last year, and on avg. 50% fewer settlements and there are major projects still being built out. I saw one project close out $100K off of $700,000 condo's. It wasn't a price reduction, rather "buyers incentives". The Realtors need to get theirs without messing up the comps, not to mention the builder doesn't wan't to get sued by those who paid the $700K. When those ARM's reset in '07 and '08 we will see the dramatic price declines. I will be ready and happy I saved money and resited the pressure a couple years ago. BTW--> The "Sheriff Sales" on foreclosed properties selling at auction increases by the week in our local paper.......wonder what it will look like a year from now. |
09-21-2006, 07:09 PM | #29 | |
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Quote:
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09-21-2006, 07:09 PM | #30 |
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How many real estate price threads can one man make?
Because I think you're going for a record. |
09-21-2006, 07:15 PM | #31 |
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here we go again
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09-21-2006, 07:21 PM | #32 |
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Can we officially label ben as a troll yet?
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09-21-2006, 07:42 PM | #33 |
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09-21-2006, 07:48 PM | #34 |
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Why in the hell do we have to have a thread each week about housing and the housing bubble?
Haven't we covered it all? |
09-21-2006, 07:55 PM | #35 |
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With each news article, we need another "See, I told you so!"
When, of course, the news article does little to support the "sky is falling" premise, or does it on suspicious statistics. |
09-21-2006, 07:58 PM | #36 |
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09-21-2006, 08:04 PM | #37 | |
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Quote:
Last edited by benjaminetanyahoo; 09-21-2006 at 08:13 PM. |
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09-21-2006, 08:06 PM | #38 |
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I was working out at the gym therefore I couldn't post. At this point, I create the threads to spark informative and educational debate with a hidden antagonistic agenda. Lighten up my friend, you aren't losing your shirt...
Before, I was completely wrong and my statements about a forseable real estate decline in the metropolitan areas were laughed at; now, it isn't so far fetched. So I'm tagged a troll. Sour grapes much? Last edited by benjaminetanyahoo; 09-21-2006 at 08:12 PM. |
09-21-2006, 08:08 PM | #39 |
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With that arguement, shouldn't this whole forum be dead now since haven't everone cover everything about Subaru and everything else for that matter?
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09-21-2006, 08:11 PM | #40 |
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No one have said the sky is falling. We're just saying one day, we can buy our house w/out crazy markups.
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09-21-2006, 09:59 PM | #41 | |
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Correct - far from it, despite your chicken little act. No, it's just tiresome. |
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10-26-2006, 11:05 AM | #42 |
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10-26-2006, 11:15 AM | #43 | |
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Quote:
I'll counter with: http://money.cnn.com/popups/2006/biz...est/index.html |
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10-26-2006, 11:20 AM | #44 | ||
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Quote:
Looks like they have already taken a 25% haircut since just last year; Quote:
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10-26-2006, 11:20 AM | #45 |
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What sucks is that homes are more about making money than they are a place to live anymore.
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10-26-2006, 11:21 AM | #46 | |
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10-26-2006, 11:31 AM | #47 |
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If you bought a property last year in a hot market with the intention of moving in a year or two, or flipping the house; you = teh stupit. If you plan to live there a few years then maybe it's better than renting (many variables to consider in that scenario).
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10-26-2006, 11:53 AM | #48 | |
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10-26-2006, 11:59 AM | #49 | |
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That's down to about 5% now. My guess is that the remaining 5% are fishermen holding out for the state record. And no, they aren't just being dropped off the market, I see people moving out and in. |
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10-26-2006, 12:02 PM | #50 |
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Losing $100k on a $430k investment is pretty stupid in just about any situation.
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