Buyers bounce back
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#1 Mar 29, 2009
Anyone crazy enough to buy a home now or in the next 6 months is certain to feel severe buyer's remorse as they also go upside down. The housing market is a good 12-18 months away from bottoming out.
Next month 10,000's of forclosures notices will be filed once the state's moritorium expires. Couple this with a huge number of ALT A's going under in the next 9 months and you have a continuing downward spiral of real estate prices.
The builders and realtors can keep trying to spin it differently, but this "correction" is far from over.
#2 Mar 29, 2009
Though homes continue to drop ,it has been stated their is a 47% increase in home sales.Remember if you are looking for a home ,they are droping but can only drop so much more since they are at a decent price and you may get a price war if you wait longer for that perticular home or area.It is a great time to sell if you are under 55 and are interested in moving. Yes you will not get a great price for your current home,but nor will you buy higher and at a time when your property tax will increase since taxes are based on sale price.Also the commisons to sell are much lower.But on home investment properties I would only invest if I have the cash,not pulling on my main home.Rents are high right now but will drop in 5 years or sooner when the surplus depetes and the people regain their credit and start buying homes agian.This will leave a competion in the rental market.
#3 Mar 29, 2009
Its long past time to change real estate agents role in real estate transactions. Just think of how those "$100,000 salaries for 10-hour work weeks" contributed to this mess. Flat fees or hourly rates and making MLS open-source are both past due. Real estate bubbles are driven in large part by agents, brokers, and bankers. Asset bubbles are not healthy for the economy at best, and as we now see, devastating at worst.
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