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Old 07-17-2006, 07:41 PM
 
Location: NW Phoenix
477 posts, read 1,441,053 times
Reputation: 148

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Ok, I just went to a website I had saved to favorites. A new home I had found online through Mercedes homes has just gone up two-thousand dollars since last week! Base price was $207K and now it's at $209K. By the time we are ready to move I wonder how much more the homes prices will climb?
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Old 07-17-2006, 08:07 PM
 
40 posts, read 28,472 times
Reputation: -1
Quote:
Originally Posted by sassieb75
By the time we are ready to move I wonder how much more the homes prices will climb?
Umm. You still believe the housing bubble hasn't burst? You just have to look around places like: San Diego, Phoenix, Los Angeles, and Colorado to see that there are siginificant glut of houses available on the market everywhere. Now is the wrong time to buy (any time that it costs more to own a house vs to rent similar property is a wrong time to buy).

However, it's your money, and your future. If you truly feel that "now is the right time to buy before price goes up", then by all means.
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Old 07-17-2006, 08:12 PM
 
414 posts, read 1,271,229 times
Reputation: 80
Quote:
Originally Posted by dirtykj
Umm. You still believe the housing bubble hasn't burst? You just have to look around places like: San Diego, Phoenix, Los Angeles, and Colorado to see that there are siginificant glut of houses available on the market everywhere. Now is the wrong time to buy (any time that it costs more to own a house vs to rent similar property is a wrong time to buy).

However, it's your money, and your future. If you truly feel that "now is the right time to buy before price goes up", then by all means.
When is the right time to buy then? Will charlotte new construction keep going up or will it come down?
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Old 07-17-2006, 08:17 PM
 
1,126 posts, read 3,571,200 times
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Not in all areas is the price to rent (throw your money away) cheaper than buying. Actually, it is a buyers market. NOT a sellers market. The time to buy is actually now. Cheap deals are out there as sellers want and need to sell and there is TOO many homes to choose from making it a buyers market. When there are more homes than qualified buyers, that makes it a buyers market.
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Old 07-17-2006, 08:20 PM
 
1,126 posts, read 3,571,200 times
Reputation: 413
Quote:
Originally Posted by TBLTZ
When is the right time to buy then? Will charlotte new construction keep going up or will it come down?
I hate to say, but, $2,000 is not a whole lot. I have seen $10-$20k increase. It is still a good place and the right price.
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Old 07-17-2006, 08:23 PM
 
40 posts, read 28,472 times
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Quote:
Originally Posted by TBLTZ
When is the right time to buy then?
The specific time to buy will depend on local factors (they didn't all go up at the same time, and they won't all go down at the same time). Keep in mind that 1.5 trillion dollars worth of ARM loans will adjust in 2007. Not everyone can agree on what follows when that happens, but some people believe massive jump in foreclosures will follow:

http://biz.yahoo.com/ap/060619/foreclosure.html?.v=2 (broken link)

The upshot of this, and the relentless building by the homebuilders (they can't very well stop building without putting themselves out of a job on purpose), as well as apartment->condo conversions will mean that there will be a glut of housing in every market that has bubbled.

Just wait and see It shouldn't be too long of a wait (12 - 18 months) to see the visible fallout.
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Old 07-17-2006, 08:24 PM
 
5,265 posts, read 14,911,428 times
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I would say with your price range, you could afford to wait a little.... but once you are in a pricerange of under 200k, in this area, the market slims dramaticaly (that is a big change from a few years ago when you could get a really nice house for around $170,000 in many areas, even Cary!)
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Old 07-17-2006, 08:25 PM
 
40 posts, read 28,472 times
Reputation: -1
Quote:
Originally Posted by TornadoAlley
When there are more homes than qualified buyers, that makes it a buyers market.
It will be even more of a buyer's market if one would wait ...
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Old 07-17-2006, 08:27 PM
 
1,126 posts, read 3,571,200 times
Reputation: 413
Quote:
Originally Posted by dirtykj
The specific time to buy will depend on local factors (they didn't all go up at the same time, and they won't all go down at the same time). Keep in mind that 1.5 trillion dollars worth of ARM loans will adjust in 2007. Not everyone can agree on what follows when that happens, but some people believe massive jump in foreclosures will follow:

http://biz.yahoo.com/ap/060619/foreclosure.html?.v=2 (broken link)

The upshot of this, and the relentless building by the homebuilders (they can't very well stop building without putting themselves out of a job on purpose), as well as apartment->condo conversions will mean that there will be a glut of housing in every market that has bubbled.

Just wait and see It shouldn't be too long of a wait (12 - 18 months) to see the visible fallout.
I have personal knowledge, they have been saying this for 2 yrs! Curious, do you rent?
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Old 07-17-2006, 08:30 PM
 
1,126 posts, read 3,571,200 times
Reputation: 413
Quote:
Originally Posted by dirtykj
It will be even more of a buyer's market if one would wait ...
Here is the problem with that. Interest rates are going up. What does this mean? Less qualified buyers!! .5% can make or break a buyer. Waiting will only make it so less people can get a house regardless IF there becomes foreclosures. Notice I say "IF". The loan and RE Brokers have been saying each and every year at teh Christmas parties, foreclosures will start and it will become a buyers market. Really? At 8 or 9% can you qualify? Probably not.
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