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Please apologize me to bring up the issue( no personal attack please). All I want a know a good time to buy a house. I am very new to this forum(born yesterday). This forum is very useful for many things.
I really don't know what is 1.6% ( I guess, It could be annual home sale %)
We paid 157 in 1997 and sold for 237 in 1999. Then paid 295 for a house that would now sell for 550. ITB is and has always been a great investment. Pull the tax records from years past and see for yourself. It will always increase in value because there is no more land in Raleigh proper.
We paid 157 in 1997 and sold for 237 in 1999. Then paid 295 for a house that would now sell for 550. ITB is and has always been a great investment. Pull the tax records from years past and see for yourself. It will always increase in value because there is no more land in Raleigh proper.
The home prices have been dropping for few months now, and it is going to go down for a while. I predict the prices will go down until next summer. If the economy slips into a recession, it could take years before recovery.
The subprime problem is not local, and the real estate market is not local as some might argue. I am talking about the general state of the market, not specific zip code, subdivision, neighborhood, or a single house.
Anyone who understands economics and aware of the current situation and have different interpretation has to prove his case on sound economic and statistical data. If he doesn't or couldn’t, then he either an ignorant or a fool.
Statistical data for what will happen is unavailable. As students of economics we both know that the market is no longer driven by what would be historical market factors. Is the stock market driven by what 20 years were the drivers? No. Who knows what the mindset of the public will be tomorrow or the next week or the next week. Time will tell and we will have data for what did happen and we will debate the new tomorrow. The Raleigh market is nothing like the Maryland market. 1.6% price drop? The stock market goes up by that in one day. Lots of folks will make more in the market over a year then the amount of the price drop in their house. Especially at the higher end price wise and age of homeowner .
I think that areas that are desirable continue to be desirable. ITB like 5 Points are pretty nice and quite a bit more expensive than Kitts Creek or some of the new developments.
Now, Now, John...name calling is not acceptable here.
I must say that I'm AMAZED that you "predict" what the housing market in Raleigh will do. The part that amazes me is that you are not FROM this area and have no EXPERIENCE in this area and no matter how many times you have been informed that this area has not seen a bubble and therefore we have no reason for the "bubble" to burst, you insist on stating your opinions. Yes, yes, I know. Opinions are like A+++++++. Everyone has one.
My questions to you are...have you bought a house? Can you afford to buy a house? Have you ever owned a home? How long have you been in this area? I ask this because sometimes when people can't have something, they speak negatively about it. You know, the sour grapes theme. So, I'm curious. I publically acknowledge that I'm a Real Estate Agent, therefore, you know my credentials. I'd be interested in hearing what yours are.
Thanks!
Vicki
Vicki, I posted my reasons why in another thread and will not repeat here. However as my house in the Triangle gets closer to completion and the pictures get better and better I am beginning to hear more people say " wow you got all that for how much?" "Wow we can sell our house for less here and still buy a gorgeous house there". Get ready you could be real busy this spring. I know just conjecture but isn't that so much of what life has become about?
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housing market
