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Oh, HGTV is where you get your misinformation. That explains a lot. Go back and look at some of the HGTV discussions on past threads here.
Dat's rite, nothin' in da south but tractors cloggin' up dat traffic on dat newfangled intrastate thing they bilt, cow feelds so we can tip 'em ova at nite fo some entuhtainment, home grown tobaccy, sippin whiskey, outhouses, and dile up internet. Just da way we lak it, thankee very much. We done wanna change so doesn't you go thankin about retirin' round heh or nuthin'.
I see it dropping here in Chicago for at least 12 months.
I am in the Chicagoland area and my take is it all depends.....on the county, the township, neighborhood, the block and even the building.
Generally speaking, condos are taking a serious pounding in many areas and yet, condos in small, self-managed ( low assessment) buildings continue to sell well.
Another trend I am seeing is increasing buyer awareness of property taxes. I work primarily in a single zip code, 100 square mile area that covers 4 counties ( Cook, Lake, Kane and Mc Henry) and multiple townships. A property in Cook Cty. is more likely going to hold its value better and sell for more, than in the other counties, all things being equal, becasue of property taxes.
There are outlying suburbs where homes have not appreciated at all ,in the past 5 years because of property taxes.
The median price of a home sold in the San Jose, CA market went up 7% last year, the median price in Stockton, CA just 60 miles away dropped about 18%.
Real estate is local, and any attempt to paint with a broad brush is likely to get a whole lot of paint where it doesn't belong.
Yup. If you buy quality, generally speaking - it sells.
Location, location.... (cough... cough.. no, really).
In none of the southern states (GA, TN, MS, LA) do I ever recall seeing any 50-100% appreciation. In fact, I live in GA, and our historical appreciation for our area is a modest 2-4%/yearly.
No doubt our prices will drop some, but not to that significant number.
Agree. I've been watching the ATL market and prices really haven't dropped much at all; at least not the area I'm looking at.
Fridee nite, got me a pabst blue ribbon and da wife, she's got her a box o da finest wine dey had at da general sto'. Weez celebratin' sumptin fierce tuhnite!
You were doing better not to disclose your "source."
I dunno...all those home owners sure look suprise, happy and sh*t to me when those realturds quoted them those inflated prices. Don't tell me the home owners were on it too? Y don't u tell that to some of these owners? I have my other sources too. I will post some hard fact links tomorrow. Too tire to look for those link.
Last edited by vincentnyc; 04-04-2008 at 10:06 PM..
In none of the southern states (GA, TN, MS, LA) do I ever recall seeing any 50-100% appreciation. In fact, I live in GA, and our historical appreciation for our area is a modest 2-4%/yearly.
Although your historical appreciation was 2-4%/yearly we must keep in mind that inflation averages 3.5% (and is considerably higher currently). Your real appreciation was probably flat to 0.5% per year. Memphis, TN's historical appreciation was a paltry 4.1% average over the past decade. Factor in inflation and we had very little real appreciation as well.
Logic dictates that the SE (excluding FL), will not receive a 25-50% haircut unless we go into an extremely deep National depression. Even most analysts predict these areas to remain steadfast through stagflation with potential for higher home prices thanks to inflation. Regardless, facts speak even louder than logic. Home prices in Dallas, Houston, and Memphis are making new 52 week highs.
Mr. Hoffman cracks me up. I agree manhattan isn't going to see declines like much of the rest of country but I am tired of the "my neighborhood is better than your neighborhood" sh#@ some of you are engaging in. This is not why I started this thread. It was to combat koolaid drinking realtors who always think now is the best time to buy.
In my opinion now is not the time to buy unless you find your dream home and are going to stay put 10 years. For inmvestors such as myself we will make our money in foreclosures and short sales, but I expect the overall market to decline for the next 12-18 months. After which will be a better time to buy for most buyers.
But, seriously folks, stop with the my neighborhood is better than yours crap.
Mr. Hoffman cracks me up. I agree manhattan isn't going to see declines like much of the rest of country but I am tired of the "my neighborhood is better than your neighborhood" sh#@ some of you are engaging in. This is not why I started this thread. It was to combat koolaid drinking realtors who always think now is the best time to buy.
In my opinion now is not the time to buy unless you find your dream home and are going to stay put 10 years. For inmvestors such as myself we will make our money in foreclosures and short sales, but I expect the overall market to decline for the next 12-18 months. After which will be a better time to buy for most buyers.
But, seriously folks, stop with the my neighborhood is better than yours crap.
That's nothing. Go to the Raleigh/Durham/CH/Cary thread and claim that neighborhood doesn't mean squat in the national housing bubble. Interestingly enough, most who try often get that friendly little moniker "Not a member" after about a day or two, even with decent reputation and a track record of helpful postings. I am ashamed at live in the same region as such bitter and childish homeowners.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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Quote:
Originally Posted by Humboldt1
Mr. Hoffman cracks me up. I agree manhattan isn't going to see declines like much of the rest of country but I am tired of the "my neighborhood is better than your neighborhood" sh#@ some of you are engaging in. This is not why I started this thread. It was to combat koolaid drinking realtors who always think now is the best time to buy.
In my opinion now is not the time to buy unless you find your dream home and are going to stay put 10 years. For inmvestors such as myself we will make our money in foreclosures and short sales, but I expect the overall market to decline for the next 12-18 months. After which will be a better time to buy for most buyers.
But, seriously folks, stop with the my neighborhood is better than yours crap.
I don't think anyone stated their neighborhood is better than anyone else's. Vincent seems to think everyone in the US wants to be in Manhattan and called for ridiculous price drops to every other region.
Personally, I think it IS a good time to buy. But I am not an INVESTOR, nor am I a realtor. I am average Joanne Blow, who will soon be looking for another home for my family. I'm not a speculator. If I get a good deal, great. I don't plan on sucking out anyone's eyeballs to get a steal. What you have to understand is this: if people need homes, they will buy. I don't have 12-18 months to wait out this market by renting, and most people I know with families can't afford that time, either.
And I can tell you prices will never get (aside from foreclosures, etc only) as low as Vincent states and here's why:
When houses start dropping, people start buying. Even us non-investors know a good deal when we see one...
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mr hoffman
