Posted on 04/10/2006 9:22:21 PM PDT by ex-Texan
It is a market by market trend. We have been looking for a home in the SLC area for about six months. The homes in our target range last little more than two days before selling.
True we are probably looking "above median" but about twice what I'd have to pay in southern Alabama.
I'm of the belief that, like politics, real estate is local.
P.S. If you know of any good deals in SLC area ping me!
Real estate is no longer local because it's such a large part of our economy. The firms that support the real estate market are spread throughout the country. If they start hurting, they're going to lay people off.
My better half has been itching to buy a home for about 8 years now, I try to tell him that it's still cheaper to rent, even here in the Southwest.
I recently sold my house. If I sold it when these posts started, I would have sold it for around $250,000.00 less than I did 2 months ago. That being said, the market here in So. Orange County has definitely slowed. The word from the agents is that prices are 3-5% off of their high.
I am in favor of layoffs, if it is realtors. Parasites.
I am also in favor of union layoffs, as in all of them.
1000 people a day move to Florida. How's the real estate there? (aside from Miami--what idiot wants to live there?)
Keyword ad hominems -- last refuge of the anonymous coward
Georgia has a real big lumber industry. Kohler is a major employer in Wisconsin. Jeld-Wen, manufacturer of windows/doors, is a major employer in Oregon.
I don't like the numbers, but you have to look at each region and factor in circumstances which may be influencing national numbers. Building in flood/hurricane damaged areas is expected to be strong, but does it really reflect growth? Rising interest rates are NOT good, nor are a 30% increase in foreclosures. Equity loans, those can mean a few things, but generally it means people are consolidating high debt loads in order to keep their heads above the waterline. Not good.
It's wise to be cautious, and if you can pay off as much debt as you can in case things do go bad. The last thing you want is to be caught holding a large amount of debt when interest hits the roof.
I don't think it's a national crisis yet though.
All he's saying it watch for sudden changes.
bttt
Good observation!
All those jobs Americans will not do may look pretty good to some of those folks pushing for open borders.
Sooner rather than later if we do get in a tight spiral.
8 years? You should have bought a house 8 years ago, LoL!
I'd wait for fall if you can't wait anymore. Spring prices are always higher. But rising interest is also a factor. If you see 5 year amortization periods creeping up, it may be better to pay a little more than it is to pay more interest.
Oh that? It's already started. I was recently offered the services of an American-born woman who cleans houses for about the same price as an illegal.
But what people don't realize is that a housing bust means more than isolated markets taking a hit or a few realtors getting the boot. It will impact the guys who build the houses, the guys who build the stuff that goes into the houses, and the guys who haul the stuff that goes into houses, etc. etc. etc. Then, of course, there's the landscapers, the architects, lawyers, accountants, etc. etc. etc.
More for sale signs here too in the Orlando area. I have also noticed that new development has decidedly shifted to apartments (condos) and townhouses.
Yes, this could be predicted because we just closed on our new home today and aren't putting our old one on the market for a couple more weeks. Perfect timing for a bubble burst!
There is another problem. All this cheap illegal labor is putting downward pressure on wages.
Our costs are going up, something has to give. That 'adjustment" these stock market experts keep talking about IS going to happen sooner or later. We've just been lucky that consumers have managed to spend, and spend some more and keep the economy going.
I think this trend will continue, until that spending money is sucked up by something else, like fuel and interest rates.
Then something will have to give.
It wasn't all that bad, But we were sweating for 5 months, and ended up loosing about $20,000 (the pool we were going to put in the new place) to a market slump.
But they will look good in the H3s!
Yeah, but selling the old house first just isn't a reasonable option because we have so much stuff in it, two toddlers, husband working constantly and too pregnant to do much of anything myself. So, we're moving out this weekend & hopefully it'll be on the market next week! Keeping my fingers crossed-- the market is still pretty tight around here.
Yeah, I pretty much agree.
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