Posted on 04/02/2009 8:34:09 AM PDT by w1andsodidwe
When Ryan and Breanna Anderson decided they wanted to purchase a home in Lodi for their young family, they knew they would have to act quickly to take advantage of plummeting prices.
And though prices for homes in the area are down, so is inventory. And interest rates are near historic lows.
That’s making it tougher to snap up bargain homes — and has led some to say Lodi’s real estate market may be stabilizing.
(Excerpt) Read more at lodinews.com ...
I sell real estate in Colorado. I had a listing in the foothills that had languished for months. Suddenly the showings picked up and then 3 offers came in over a two day period and the house sold. I just wrote an offer for a buyer on a home that had been on the market about 10 days. Two other offers came in, and we were lucky to get the deal. I am hearing similar stories from other agents.
Where the heck is Lodi? I have vaguely heard of it.
Lodi is in the central valley of California. It is north of Stockton and south of Sacramento along Highway 99.
Lodi is the town that had two citizens convicted of terrorism, one of which drive the Ice Cream truck that roams the neighborhood on warm days.
Credence Clearwater Revival sung about “O Lord, Stuck in Lodi Again!”. It is located almost 100 east of San Francisco, NE of Stockton, and is now a bedroom community, no longer a cow town.
Indeed, average prices on homes in Lodi have fallen 30 percent from last year, according to MetroList Services, a database for real estate professionals. A home in February 2008 that might have been priced for $288,269 went for about $197,296 in February of this year.
How much were homes like these selling for in early 2006 __________ ? . . . $ 300,000? More like $ 345,000 ++. This news report is a local newspaper hyping 'buy houses now' headlines. And following the National Association of Realtors hidden agenda. 'Borrow, borrow, borrow.' And 'Spend, spend, spend' yourselves into Bankruptcy.
This report is pure real estate hype and Bovine Squat. Home prices will decline even more next year and the year after and the year after that. The housing bust will continue until 2013. Check my freeper page and go over shocking details there.
California
I disagree to a certain extent. For first-time home buyers looking for a home instead of an investment to be flipped in a couple of years, it is a solid opportunity - they now can afford the 20 percent down payment and the mortage rates are very low. I do agree that the solution is not to revert back to the bad old days of ninja loans, but there were a lot of folks on the sidelines who can now enter the game - IF they are looking for a long-term residence. And bringing such buyers into the market is what is needed.
Case-Schillers housing futures data point to regional home price bottoms in 2010 and 2011.
Anything outside of that is more likely wishful thinking on the part of a few buyers who think that we will return to the go-go-go days of unbridled real-estate price growth.
And what happens next year: when the 20% down payment is lost because this POS house is only worth $ 160,000 on the market? Of course, they will email you and ask for their $ 40,000 back.
If you are planning to live in the house for 20 years, you will more than make up for that lost money with the savings on mortgage interest due to the current low mortgage rates. Like I said, it depends if you are looking for a residence or an investment.
(home is now valued at about 700K) heck if the price goes lower so what??? if you got a good loan rate (fixed for the coming hyper inflation) then you should be ok, even if prices drop another 50%, it wont matter, your payments will be the same (actually you will be paying with worthless money!!!!! as time goes by)
This is one of the nice things about the drop in home values, more folks can afford them!!!!!
all this crying about how the prices dropped on homes has been getting the politicians all worked up. dammit!!! it is good thing, as the price drops, the home is more affordable!!!!!!! is that not the liberals definition of the American dream??? (I always hated that term for home, the American Dream is freedom and liberty. only a liberal can come up with that slogan. sickening)
I think you are somewhat correct, but the national market is not monolithic. There are hundreds of submarkets with local and demographic influences that vary state by state. In real estate terms, 2013 is not very far away, especially if a recovery happens a little sooner than you predict. The next question is the stability of the commercial market.
I find Arizona interesting. I doubt I will invest there, as I am sticking with mineral right plays for now, but it is interesting.
Is the front range buying partially due to families wanting to upgrade at these new lower prices or families wanting to lock in at these lower 30 year rates before inflation starts next year ?
Or something else ?
I think that the commercial real estate bubble will bust next year as their mortgages come due and as the economy dies along with businesses like Circuit City.
Do see it differently ?
Good times... :)
He also said gold was going up from the $ 745 level. He got a lot of flack from the talking heads. Schiller was right. Everybody else was full of Bovine Squat.
Yesterday, AU was trading for $ 925 per ounce If all freepers followed what was obvious to thinking people they could made money. Others could have been a bit richer.
LOL, LOL !
How did you come up with "2013"?
Hi george76. The activity I’m seeing is due to typical mundane reasons. Job-related moves, first home buying by those trying to get established, lifestyle decisions, looking for rental income, etc. For example, we will be selling our home in Jeffco soon and downsizing. Our second home in Grand County will become our main home, and we’ll rent a small place in Jeffco for when I’m down visiting and working here (letting wife retire). I’ll watch the market for a while and buy when I see the perfect deal in Jeffco.
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