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Thread: Havasu Housing Market

  1. #1
    havasumimi
    Hi! I posted this earlier as a response in a different thread...then I was thinking it actually might make for a good conversation and to get some idea of what others are thinking about the subject....
    So please read, and feel free to respond, ask questions or move on
    We are all wondering how low it can go here. We have gotten to the point of sellers coming to escrow with cash to close just to save their credit and prevent forclosure. So, how much lower can it get?? Most people can't sell for less than they owe. It is unfortunate for the sellers but it does make for a perfect market for buyers. There may be room for some older homes to come down but the market as a whole here is LOW and there are MANY homes on the market that are for sale for just what they owe plus closing - that's it. They are even willing to loose their down payment from when they bought it. There is no more room to come down on many of the homes....
    So, sure you could wait and see what happens but I think some people will be missing the boat if they don't pick up on something that has bleeding sellers willing to net zero - right now. We haven't had any luck with short sales with the banks so even the forclosures are asking the same as many of the current sellers..... Who knows what interest rates will be like 18 months from now too....If everyone waits to buy when everyone else is buying they are sure to pay a higher price. Just my thoughts....

  2. #2
    riverfun
    You have people willing to lose their down payment because they most likely put very little down, they did not come in with a 20% down like the old days. You will have luck with short sales in the future because the companies holding these properties cannot do it forever, they have to answer to sombody (stock holders, creditors etc.) and will need to come up with some cash. I think their are some good deals out there but they are still not good enough with the economy uncertain.

  3. #3
    Cole Trickle
    Why are so many people dumping there houses? I would expect the market to stabalize and start appreciating slightly in the next 1-2 years.
    Were all the people that bought second homes way over stretched or employed in the housing/mortgage business?
    What percentage did 3-5 year arms that are about to get burned?
    There are deffinatley some deals but I think it will continue to drop...also alot of those people that are just looking to come out even are in for a rude awakening since thats not the way the world works.(I owe this so thats what I want)

  4. #4
    INSman
    Why are so many people dumping there houses? I would expect the market to stabalize and start appreciating slightly in the next 1-2 years.
    Were all the people that bought second homes way over stretched or employed in the housing/mortgage business?
    What percentage did 3-5 year arms that are about to get burned?
    There are deffinatley some deals but I think it will continue to drop...also alot of those people that are just looking to come out even are in for a rude awakening since thats not the way the world works.(I owe this so thats what I want)
    Yes to a lot of your points above, same to be said with boat purchases and using HELOC's like an ATM machine. I have a beautiful fixed for my HAVI house and could care less really how much lower the market goes out there, which my guess is maybe another 10%. Only a problem if you NEED to sell or can't make the payment,

  5. #5
    Cole Trickle
    Yes to a lot of your points above, same to be said with boat purchases and using HELOC's like an ATM machine. I have a beautiful fixed for my HAVI house and could care less really how much lower the market goes out there, which my guess is maybe another 10%. Only a problem if you NEED to sell or can't make the payment,
    yeah....your smart
    I think everyone jumped in not really looking for a vacation house but a quick investment.
    Over time you will be fine.The days of making 100K in a year on property has dissapeard until the next surge.
    BTW...where the hell have you been? (They must be working you like a dog at the new job)

  6. #6
    djunkie
    Yes to a lot of your points above, same to be said with boat purchases and using HELOC's like an ATM machine. I have a beautiful fixed for my HAVI house and could care less really how much lower the market goes out there, which my guess is maybe another 10%. Only a problem if you NEED to sell or can't make the payment,
    Same hear. I'm just glad my house payment out there is less than some peoples car payments. I don't plan on selling anytime soon thats for sure.

  7. #7
    Cole Trickle
    Same hear. I'm just glad my house payment out there is less than some peoples car payments. I don't plan on selling anytime soon thats for sure.
    No worries......
    No one wants that P.O.S. damaged house with the huge poolless back yard

  8. #8
    djunkie
    No worries......
    No one wants that P.O.S. damaged house with the huge poolless back yard
    It aint for sale anyways.

  9. #9
    INSman
    yeah....your smart
    I think everyone jumped in not really looking for a vacation house but a quick investment.
    Over time you will be fine.The days of making 100K in a year on property has dissapeard until the next surge.
    BTW...where the hell have you been? (They must be working you like a dog at the new job)
    Been working like crazy and haven't used the boat as much this year, maybe because I like my backyard so much All is well ...

  10. #10
    Mandelon
    I was talking to a friend about this just today. Southern California's market still has a long way to go down...Havi will go the same.
    I'd expect $50,000 drops to be common on lower priced homes and drops of several hundred on higher priced homes. The worst is yet to come. This is going to last all through 08, and until mid 09 according to the folks I talk to and based on the numbers I am seeing sent my way from lenders and those in the foreclosure industry.
    Homes in some areas of Chula Vista have dropped almost a third of their overinflated values. Example, 1.5 million dollar homes a year ago....are now sitting on the market for $799,000............Condos down from the mid $400's are now in the $200's. Granted, many Havasu owners are in better financial shape, but if money gets tight, most folks would rather lose their second home than their primary residence.
    Homes will be aplenty under $200K a year from now out there, and many of those will be lender owned. If you don't have to sell, don't. But I sure wouldn't buy yet.....
    Sorry. Just one fool's opinion.

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