Existing-home prices fall for 1st time in 11 years

[brtlmj 0]

I just can't imagine buying a house at these prices though. I am glad I bought into the market over 10 yrs ago.

Well, congratulations

Do you think the prices will fall drastically?

I hope they won't drop too fast. That wouldn't be good for anybody, including those who do not own a house. Our job prospects depend on the state of economy, which would be affected by a crash in the housing market.

Or how much do you think they will fall or need t fall to entice new buyers?

In my case and in my area (near Sacramento, CA) that would be about 40% drop in real terms.

I bought a Condo in Toronto in 1989 for 164,500. In 1999, 10 years after buying it, I sold it for 130,000.

Nice investment ... NOT!

Considering what you would have paid in rent over those ten years, it might have been a very nice investment...

Bartek

Edited September 26, 2006 by brtlmj

[AllisonB 0]

New construction has not slowed in my area and is doing better than the resale market. Builders can generally offer better incentives to buyers when the market is slow. Then again, if you dont plan to live in the home forever, there is always the standard ten year warranty with new homes that you wont see on resales.

Edited to say this is in Jacksonville, FL.

Edited September 26, 2006 by AllisonB

[cmartyn 0]

Considering what you would have paid in rent over those ten years, it might have been a very nice investment...

Bartek

Well, no, Actually, I never lived in it. I rented it out. I sold it just after it went cash positive. I tried to live in it at first but I couldnt stand apartment life.

If you figure in Taxes and Maintenance less rent plus interest and decrease in Capitol, I lost about 70K on it.

[Ban Hammer 13,352]

Considering what you would have paid in rent over those ten years, it might have been a very nice investment...

Bartek

Well, no, Actually, I never lived in it. I rented it out. I sold it just after it went cash positive. I tried to live in it at first but I couldnt stand apartment life.

If you figure in Taxes and Maintenance less rent plus interest and decrease in Capitol, I lost about 70K on it.

is that canadian $ or us $?

[danae 0]

We have been considering buying a second property in Utah, and keeping this vegas one as a rental. The equity we have on it is already around 50k and is sure to rise when the market picks up again in a few years, at which point we may sell.

So, unless I am mistaken, now would be a good time to buy that second property right??

[Trompe le Monde 1,107]

I'm not sure -- isn't Vegas supposed to be one of the most over-heated markets?

I have seen house prices in LA (also a big bubble) drop in the last 6 months -- I'm waiting for about 6 months before I even think about buying.

[AllisonB 0]

I'm not sure -- isn't Vegas supposed to be one of the most over-heated markets?

I have seen house prices in LA (also a big bubble) drop in the last 6 months -- I'm waiting for about 6 months before I even think about buying.

I'm not familiar with the particular market in Utah, but rates have come down recently and prices aren;t going up yet.

[cmartyn 0]

is that canadian $ or us $?

Take your pick. Its was a rough estimate.

[almaty 19]

hmmmmmmm...it was bound to happen

[AnaAndDaniel 0]

what goes up must come down?

Daniel

:energetic:

[cmartyn 0]

Yeah :-) But if you look at the national average its not that high really. When you consider 450 sq ft in the shadow of the WTC will set you back about 650K is it unreasonable that a 1 / 2 hr comute away a 3 bedroom detached on an acre costs about 500K? I dunno. A Nice 2 bedroom on the west side costs what now a million plus?

[Mr. Big Dog 10,747]

http://www.marketwatch.com/news/story/Stor...amp;siteId=mktw

Great news says the guy that is looking to buy a home in the not too far future. It's more and more of a buyers market out there. Gotta love it!

[Dr. Obvious 49]

http://www.marketwatch.com/news/story/Stor...amp;siteId=mktw

Great news says the guy that is looking to buy a home in the not too far future. It's more and more of a buyers market out there. Gotta love it!

Really. My husband and I are considering going straight to a starter home after we both are back, have jobs, and a decent down payment.

[homesick_american 1]

The city we're moving to just happens to be the second most-undervalued market in the country, according to CNN Money. It's also in the top 10 for job growth.

Shhhhhhh, it's a secret.

[dani_christine 0]

Yeah :-) But if you look at the national average its not that high really. When you consider 450 sq ft in the shadow of the WTC will set you back about 650K is it unreasonable that a 1 / 2 hr comute away a 3 bedroom detached on an acre costs about 500K? I dunno. A Nice 2 bedroom on the west side costs what now a million plus?

and this, my friends, is why i'm never moving from kansas city. we have a 15 year old, 4 bedroom, 4 bath home, 2500 sq. ft, on one acre...20 minutes' commute from downtown, in a town with low crime and excellent schools...and we paid $150k for it.

when i hear about real estate prices in other parts of the country, i nearly have a heart attack!