Realestate

Question: Will this real estate low bottom out soon?

(Posted by: texconte on 2008-11-26 17:57:36)

Wondering, because our home has dropped from slightly under $300K to slightly over $200K in less then 2 years.

Posted by: Tony on 2008-11-30, 12:25:13

I feel we are in the beginning of the bottoming out! At this point, if you can wait before selling, in several years it will begin returning upward. Or if you're able to you may want to purchase some investment properties, this is a great time to do so! Good Luck, ;-)

Posted by: Nate Scott on 2008-11-26, 18:06:09

Probably not. The baby boomers drove the prices up in the 90's but there are not enough people to fill in the houses left over from them now that they have stopped expanding. I think it may level off, but will be significantly lower than it was a few years back. Just my opinion. I still have a house in Michigan that is not even selling for half of what it was valued at 5 years ago. I'm forced to rent it out.

Posted by: Worldly25 on 2008-11-26, 18:06:30

The real estate market is not low but where it belongs. You just happened to purchase during an over inflated time period. This happened in 1988 and the prices dropped back where they belonged in the first place by 1990

Posted by: MAC on 2008-11-26, 19:32:29

Does it matter if you plan to continue to live there? It only matters if you need to sell now.

Posted by: SIMEON S on 2008-11-26, 20:16:51

It is cheaper to rent than to buy. When rents go up and house prices come down to where it is cheaper to buy than rent, house prices will level off. College grads today have trouble finding work. House buying is very much a luxury. Lets all hope Pres. Obama will create 2.5 mil. jobs in three years.