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Two houses ; one in Medford where I live. A few months back, one house sold for $365,000. Then in December a similiar house sold for $400,000. The only difference was that the higher priced house had a pool ; no other difference at all.
Then today I see that a house in Patchogue sold last week for $305,000. I have a smiliar house ; same size, same lot etc. A year ago it would have sold for about $250,000.
Spring (which is round the corner) is the historical time that people buy houses, so there might be more activity. I'm with Hotkarl. I think things are too unstable now. A good few economists are predicting a W recovery which basically means we are in the high V part right now, waiting for the second dip. They could be wrong too. I think a lot will depend on the banks and their willingness to give loans. That seems to be the real problem now - that and tougher requirements to get a loan.
I think prices are still the same as they have been. Seems like the same old song...the houses that are overpriced have been on the market for 12-24 months. Seems like I look at the same house month in and month out.
I walked out on the closing for my re-fi the other day. Told them at least a hundred times "no cash out of pocket" "no closing day surprises". That was the deal.
Well, turned out there was some sort of screw up somewhere and they expected me to pay a few thousand out of pocket. I had a gut feeling, and actually was expecting something like this to happen. Me being the wise ass that I am pulled out my wallet and offered them $23. They weren't happy, and kept trying to push me to go through and I flat out told them to figure out a way to make this disappear and I'll see you next week. And I'll be bringing the same $23 in my wallet, so make sure you get the numbers right this time. Anything goes wrong this time and the deal is through.
Anyway, before this happened, we did the customary friendly chit-chat and they told me they were slow, almost dead, due to all the tightening up on loans and mortgages, primarily home purchases. The re-fi's are popular right now.
I think you have a lot of buying going on now due to government stimulation of the market. Let's see how long these prices keep up when the tax credit goes away and interest rates start creeping up. We're sustaining the remnants of the bubble with government stimulus right now now.
As it has been for a while, most of the activity is taking place at the lower end of the market. There is still a bottleneck in the "move up home" category. It appears to me that the people who are selling the "starter homes" are not moving up into the next category.
I walked out on the closing for my re-fi the other day. Told them at least a hundred times "no cash out of pocket" "no closing day surprises". That was the deal.
Well, turned out there was some sort of screw up somewhere and they expected me to pay a few thousand out of pocket. I had a gut feeling, and actually was expecting something like this to happen. Me being the wise ass that I am pulled out my wallet and offered them $23. They weren't happy, and kept trying to push me to go through and I flat out told them to figure out a way to make this disappear and I'll see you next week. And I'll be bringing the same $23 in my wallet, so make sure you get the numbers right this time. Anything goes wrong this time and the deal is through.
Anyway, before this happened, we did the customary friendly chit-chat and they told me they were slow, almost dead, due to all the tightening up on loans and mortgages, primarily home purchases. The re-fi's are popular right now.
Chase has been hounding me non stop about Re-Fi. I went in once already and it was not beneficial for me to Re-Fi. But yet they still call and send out things in the mail. They get kinda annoying.
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