W-S on list of anticipated home price drop (Winston-Salem, Salem: real estate, mortgage)

[silverwing]

Double digit* home price drops coming - Sep. 19, 2007

Winston-Salem is roughly 1/2 way down the list - #55 - with an anticipated -7.6 drop in home price. Much worse is FL, though some may call this a real estate price "correction" than an actual drop. I've seen prices of land and homes zoom around here (W-S area) and *snorted* at the ridiculous situation . Maybe the landowner next to us trying to sell 1.25 acres (an odd shaped parcel on a gravel road; maintenance of which is paid by the owner. has to be cleared, leveled and requires a well/septic tank system) will see that he's not going to get $27K for it - at least not when it's actual tax value is $13K.

[yourhometriad]

Winston Salem was not one of the areas that rapidly appreciated for no good reason, so I doubt seriously that there will be anything except a small "price correction." And you are going to see many builders who won't drop the price of the home much but will start throwing amenities at you, in order to keep their comparison prices in line.

Expect cash back deals and paying your mortgage payments to come around too. Two year interest only loan with payments being made for two years is already in NC but mostly at the coast.

[crippus]

Two year interest only loan with payments being made for two years is already in NC but mostly at the coast

PM message me on this...sounds very interesting!