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My son owns a condo in Deerfield Beach. I'm not a fan of condos. I'd rather have a townhome. He purchased when prices were shooting up monthly and although I encouraged him NOT to buy, he bought anyway. His condo is worth about l/2 of what he paid. It is horrible. So I know that the Florida housing market isn't great but homes do sell. Just like here.
My clients that sold their home in 3 days had a very beautiful home. The location (in the area and in the n'hood) was great. They priced it "right". There were 8 homes in their n'hood for sale, some were for sale for over a year. I asked them why the ones listed hadn't already sold and they said "price". Some sellers refuse the reality of the market.
They purchased the home before the high so when they sold, they didn't lose "too much". She told me that at one time, their home was worth double what they paid for it but it had dropped quite a bit. Since they purchased before that time, they were ok. Lucky.
The home they purchased here was owned by a Relocation company. At closing, the Relo company brought $30,000 to close the property.
So...they made out well.
Vicki
I agree that a lot of sellers refuse the reality of the market. I think most of those people are underwater on their mortgage.
I agree that a lot of sellers refuse the reality of the market. I think most of those people are underwater on their mortgage.
See it all depends on how you look at it. If you sell your home today and take a $20k hit in all likelyhood the house you're looking at is priced $20k (if not more) LESS than what it should be.
I think people have the biggest problem with bringing money to the table to sell their home.
I live in a little subdivision of about 100 homes in beautiful Wake Forest. Prices range from just below $200,000 to slightly above $300,000. After the bottom fell out of the economy in late 2008 few if any houses were selling and we even had some fall in to foreclosure. This Summer, however, houses here were again selling; some even at prices that raised eyebrows given how bad things had been before. No doubt much of that was because of the low interest rates but overall it seemed like confidence had again returned to the local RE market and maybe even the local economy in general. With the ongoing craziness manifesting itself in Washington, DC I fear the gains we’ve made could come to an abrupt end.
See it all depends on how you look at it. If you sell your home today and take a $20k hit in all likelyhood the house you're looking at is priced $20k (if not more) LESS than what it should be.
I think people have the biggest problem with bringing money to the table to sell their home.
As long as "jobs" are in Raleigh and RTP area the house market will be stable. People were purchasing houses when the interest rates were 10%. Low rates are great but are NOT the only reason houses are selling. Personally I would like the rates to climb so don't have to watch my savings erode away thanks to inflation.
I don't know. I think most Realtors on this board don't know either and we are all on the edge of our seats just like everyone else. Even the lenders I speak with don't know. The question is how much will rates rise if they do??
Not Triangle specific - but one item on the budget talks negotiating table is to reduce/eliminate mortgage interest deduction. Couple that with higher interest rates and I think housing markets will take a further hit. Now, for those savvy and qualified investors out there - this is probably a very good time to buy investment/rental property.
Not Triangle specific - but one item on the budget talks negotiating table is to reduce/eliminate mortgage interest deduction. Couple that with higher interest rates and I think housing markets will take a further hit. Now, for those savvy and qualified investors out there - this is probably a very good time to buy investment/rental property.
I think most of the talk re: the mortgage interest deduction was about 2nd homes and home equity loans. But I agree, nothing like eliminating a tax break like home interest to really discourage people from buying a house.
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Is the party over?
