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I wouldn't get too depressed. You never know. Just stay on top of solds in your subdivision/town and see where things go from here...stay on top of RE in general...follow blogs, get information anywhere you can...its what I did. Knowledge is POWER.
If you really want to move next year, now is the time to review your "financial" situation (make sure you have a budget, no cc debt, etc..) so you'll be in a better situation financially when your ready to make the move.
Also, keep on top of what's going on in the area's youre looking at. You might have to trim your "tastes" back a little and look for a home 20-40K cheper possibly....also, its a buyer's market in most parts of the country so you should be in a good position once you do sell...
there are houses listed in my area smaller then mine w/less property for 299K - 325K
Are they just sitting there at that price or are they moving?
My crystal ball says your best case is that your property will be worth the same as it is today in one year. Worst case I would say the values will be down 10-15%. This is very generalized as I don't know your specific market, but it sounds like you are in a down market like I am here in MN.
Jack.....Yeah...we're planning on leaving NJ and going south. Probably the Carolinas, so we are budgeting and "checking things out" now, so that when the time comes we are prepared. I just hope we'll actually be able to sell the house.
Tim...no...they're not just sitting there. they acutally seem to be selling rather quickly. but houses in that price range in my area go quickly anyway - we are a rural town and most of the houses have a lot of property or are new so the prices tend to be 400K and up.
Ok...so I guess an updated question would be ...how bad will it get? I mean....If I owe 300K on my house....am I looking at losing 150K? Do you think the market will ever get that low again? Does that make more sense?
Ok...so I guess an updated question would be ...how bad will it get? I mean....If I owe 300K on my house....am I looking at losing 150K? Do you think the market will ever get that low again? Does that make more sense?
I think the percentages drops your envisioning are an extreme stretch.
No one has a crystal ball and can tell you exactly where things will be next year.
All we know, is that in your market, income to home values are still out of whack. Buyer's are in the driver's seat for the forseeable future. Inventory still has to cleanse itself.
The fact that you are "thinking" about doing it in a year tells me that it's not imperative, but merely something you'd "like" to do? If that's the case, I'd wait a few more years until things get back into equilibrium. If you sell in a down market (NJ), and then buy in a relatively hot market (NC) in a year, you'll get taken on your current house and overpay on the house you buy, and get into a situation again where you're putting very little down on your new home and using some kind of creative financing to get the payment you want. Not good.
If you're willing to part with a couple hundred grand, you can just send a check to me. I even take paypal.
There's no telling where things will be in a year for the market you're in and the market where you're headed.
LOL magellan.....thanks but I'll keep it for myself
And I would say, no its not imperative to go, but its so expensive here anymore. The reason we say next year is to get our finances in order. My oldest will be a sophomore in HS. If we don't go next year I'd say we need to wait until she graduates.
[quote=magellan;2484212] If you sell in a down market (NJ), and then buy in a relatively hot market (NC) in a year, you'll get taken on your current house and overpay on the house you buy, and get into a situation again where you're putting very little down on your new home and using some kind of creative financing to get the payment you want. Not good.
QUOTE]
NC may look like a "hot" market, but trust me, here in the Charlotte market its a major BUYERS market.
Try selling a house for the same amount you bought it for earlier this year or late last year. In most cases you will lose money. There is tons of inventory (new and resales) here and builders are laying off people left and right. Not sure what market you consider a "hot" market because it ain't here.
This is why I laugh when people say there is no "national market". What's happening up north and out west is affecting us. Those people cannot sell their homes so we are slowing down big time here (charlotte relies on transplants to grow their economy).
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by nic529
Ok...so I guess an updated question would be ...how bad will it get? I mean....If I owe 300K on my house....am I looking at losing 150K? Do you think the market will ever get that low again? Does that make more sense?
I don't think your going to lose a 150k. Maybe you'll break even or maybe lose 10k but not much more than that.
Now you said you were moving to NC. where in NC are you thinking of moving to? The housing is still pretty cheap in some areas in NC.
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Thats exactly what we did
