So what are all you experts seeing?
I know the company I work for is committing $40+ million in financing for construction of apartments. They feel that too many people are in loans they can't afford and will either dump the property or go into BK. Those people will go into rentals which will cause a higher demand for rentals, increasing rents.
If everyone predicts doom and gloom long enough it,s bound to come true. My neibhor sold his house about two years ago thinking the bottom was going to fall out of the market and he was going to come in and swoop something up for pennies on the dollar. Well two years later and thousands paid out in rent it still hasnt collapsed. Our equity went up and his rent probably went up. The sky is falling The sky is falling!!!!!!!!!!
Psychology plays a big part!
Sales are down 40% and prices have come down 10% in some areas of Santa Clarita. Average marketing time is over 60 days. I'd say we have a little stablization!
50 houses for sale here in my neighborhood...some have been on the market for 3 months. Its definitly coming down.
Deano
Unleashedclothing (http://www.unleashedclothing.com) :crossx:
Like all things, Real Estate has peaks and valleys. If you need a place to live, and you can afford the house you want... BUY IT! Those looking to invest need to lose the idea that the market is going to change and when it does that is the time! I am no expert, but that is very one dimensional in thinking. If you are serious about investing, there are opportunities in every market. IMHO :argue:
Im more curious about the folks in adjustable mortagages than how far home values will fall.
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well, we just closed on a house well below the market value in a very nice neighborhood in a great school district in NorCal that an Intel exec used the house as a rental since new. He was being transfered and didn't want to take a chance if the mkt went any lower; was rental, needs work I like sweat equity. Will this go any lower, maybe but because of location and the excellent schools, <10 year old house, for me I had to diversify-don't want too much in stocks, they take short term beatings for me. This will be my rental-speculating long term.
So for me and my family I believe it was a good bet, a good deal in a down mkt.
well, we just closed on a house well below the market value in a very nice neighborhood in a great school district in NorCal that an Intel exec used the house as a rental since new. He was being transfered and didn't want to take a chance if the mkt went any lower; was rental, needs work I like sweat equity. Will this go any lower, maybe but because of location and the excellent schools, <10 year old house, for me I had to diversify-don't want too much in stocks, they take short term beatings for me. This will be my rental-speculating long term.
So for me and my family I believe it was a good bet, a good deal in a down mkt.
Just read in the paper theres going to be some more cuts at that facility(Intel), strange part is I also heard they are currently working on another new building to add to their campus.
Same in my neighborhood. We have about a dozen houses on the market. The local realtor said houses are staying on the market for atleast 180 days.
50 houses for sale here in my neighborhood...some have been on the market for 3 months. Its definitly coming down.
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