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Old 07-22-2008, 05:06 PM
 
Location: Broward County
2,517 posts, read 10,284,806 times
Reputation: 1369

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Hey Folks, I have been following the real estate market VERY VERY carefully. I see a lot of posts here about people wanting to buy now since prices are low. Please take my advice and DON'T BUY NOW. Prices will continue to drop every single month until we hit late 2009/ early 2010. Every single reliable source I have been in contact with concurs with this information. Do not make a mistake and buy now. Rent for a year and then look around. This article was posted on CNBC today : Home Prices Keep Falling, Prolonging Financial Crisis - Real Estate * US * News * Story - MSNBC.com (broken link)

Good luck and be patient ! Good things come to those who wait !
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Old 07-22-2008, 11:15 PM
 
Location: Heartland Florida
9,324 posts, read 24,742,214 times
Reputation: 4969
I have always said that south Florida home prices rose to double what they are really worth. Unless they fall to those values, prepare for total economic meltdown. A drastic drop in home values will give the economy the kick in the rear it needs to jump start it.
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Old 07-22-2008, 11:45 PM
 
314 posts, read 957,808 times
Reputation: 153
The best time to buy is always when the general public thinks its the worst time to buy. The market reacts late and by the time people realize it is time to buy, valuable time has been lost.
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Old 07-23-2008, 01:48 PM
 
Location: Miami
6,853 posts, read 20,673,605 times
Reputation: 2928
The best time to buy, is when you find a home that you like, that is the worth the price you are willing to pay. So if you think that home is worth the 1 million dollar price tag, buy it. If you think that home is actually worth only 500k then it isn't time for you to buy.

No one can tell you when the bottom is here until after the fact. I have herd that March/April 2009 is when they expect the bottom will be. So no one can tell us for sure.
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Old 07-23-2008, 02:04 PM
 
Location: Houston, Tx
3,644 posts, read 5,807,594 times
Reputation: 1632
Prices will never fall to pre-boom levels. If you are waiting for that, forget it. It won't happen. Maybe CONDOs will keep falling because they overbuilt those but actual HOUSES are going to pull out of the slump much sooner. For the same reason that salaries are lower here than other parts of the country house prices will recover faster: people want to live in 'paradise' (LOL). A 400k house a year and a half ago is worth maybe 300k today. It will probably drop to 280k but then it will start going back up as the next load of buyers enters the market.
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Old 07-23-2008, 02:08 PM
 
Location: America
6,993 posts, read 16,055,227 times
Reputation: 2083
Quote:
Originally Posted by rogerbacon View Post
Prices will never fall to pre-boom levels. If you are waiting for that, forget it. It won't happen. Maybe CONDOs will keep falling because they overbuilt those but actual HOUSES are going to pull out of the slump much sooner. For the same reason that salaries are lower here than other parts of the country house prices will recover faster: people want to live in 'paradise' (LOL). A 400k house a year and a half ago is worth maybe 300k today. It will probably drop to 280k but then it will start going back up as the next load of buyers enters the market.
^^

untrue to say the least. There is a area I know of in plantation that is 10,000 dollars away from its pre boom mark. I won't name the area though, but prices are falling with no end in sight. But I guess I can see how people think some of the stuff.
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Old 07-23-2008, 07:24 PM
 
Location: S.Florida
3,325 posts, read 4,958,384 times
Reputation: 343
The House next door to me has been for sale and empty (the owners moved back to CA after trying it for a yr ) for 8 months and price has dropped 50 grand.

Plus the real estate co planted the backyard real nice new fence roof, painted interior ,etc very nice .

There are about 2 houses for sale, rent every block in this community I must say not having neighbors is nice but my dream of selling and moving to diff area is shot for now ESP since the houses here are clones of each other .
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Old 07-23-2008, 07:31 PM
 
Location: S.Florida
3,325 posts, read 4,958,384 times
Reputation: 343
Quote:
Originally Posted by Wild Style View Post
^^

untrue to say the least. There is a area I know of in plantation that is 10,000 dollars away from its pre boom mark. I won't name the area though, but prices are falling with no end in sight. But I guess I can see how people think some of the stuff.

Miami is Miami and PA is PA ofcourse so not comparing them but I must say for what a smallish house goes for here you can get a HUGE ranch house lots land in PA.

I was just looking at a ranch in PA in a mag complete with 6 Bison and barn house for them.
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Old 07-23-2008, 08:05 PM
 
Location: America
6,993 posts, read 16,055,227 times
Reputation: 2083
Quote:
Originally Posted by Luiso View Post
Miami is Miami and PA is PA ofcourse so not comparing them but I must say for what a smallish house goes for here you can get a HUGE ranch house lots land in PA.

I was just looking at a ranch in PA in a mag complete with 6 Bison and barn house for them.
you made that last part up right? LOL *he said Bison*

As for prices, this thing has a LONG way to go. You want to see how all this is going to play out? Lets look at how it all played out last time this stupidity happened link

Be sure to read through each of the NY times posts. You can then see how far prices dropped. It will be worse this time because this is the biggest run up in home prices in U.S. history. This economic downturn is unprecedented. I think many people get that.
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Old 07-23-2008, 11:00 PM
 
1,284 posts, read 3,492,700 times
Reputation: 767
I live next door to a house that went on the market at almost $600,000 and now is being offered for just over $300,000 and it still won't sell.There's been one serious person interested in it who couldn't get financing.I used to tell myself when the prices kept going up,where are they going to find the people to buy these houses for these prices who can really afford them.prices are going to have to drop a lot more in my opinion.
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