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Is anyone finding the real estate market to be completely dead since the 4/30 tax credit expired? We have our condo/townhouse on the market and we haven't had a single showing in the month of May. Keep in mind our unit is I believe the lowest priced unit in our complex, so price shouldn't be a huge issue.
Since we are looking to sell our townhouse and upgrade to a more expensive single family home, we are also watching that market. I have 44 homes saved on realtor.com and only 1 of the 44 has gone under contract since the credit expired.
As far as the real estate market goes, it feels like December around here instead of May. I expected this would likely happen in May, I just hope things start to return to normal June - August.
I have seen that dynamic in my market, but it did start to pick up this past week. The first couple of weeks in May were silent out here. I know other agents were saying the same thing around here anyway.
Is anyone finding the real estate market to be completely dead since the 4/30 tax credit expired? We have our condo/townhouse on the market and we haven't had a single showing in the month of May. Keep in mind our unit is I believe the lowest priced unit in our complex, so price shouldn't be a huge issue.
Since we are looking to sell our townhouse and upgrade to a more expensive single family home, we are also watching that market. I have 44 homes saved on realtor.com and only 1 of the 44 has gone under contract since the credit expired.
As far as the real estate market goes, it feels like December around here instead of May. I expected this would likely happen in May, I just hope things start to return to normal June - August.
People who waited the last 2/3 years got in and bought with this tax credit and low rate. And those who can wait few more years will wait. Prices are not going anywhere any time soon. Yes mortgage rate can go up towards the end of this year or next year. But that will eventually be adjusted in home prices.
There are a lot of analysts (?) who think home prices can still go up even when interest rate goes up. That might be true for normal market (like we have seen in 1996-2001). But not this time as the 2000-2006 bubble was much more intense than the 1986-1991 bubble.
With Govt now stepping aside, we will be able to see the real market pretty soon. And personally I don't think it will go up, it might go down little bit (who knows).
Are you sure Gov't is stepping aside? I wouldn't bet on it, I bet they will continue to roll out different tactics to stimulate the housing market which is odd... shouldn't that be the real estate business's job? Look at unemployment, 2 years and the government is still handing out the dough for not working... shouldn't that be transitioning to welfare at this point?
We will be looking to buy in the Central Florida market hopefully in June. My realtor tells me that inventory is low and lower priced homes are moving quickly. I've noticed prices seem to have ticked up on the listings I'm getting via e-mail. There were some real deals to be had, but cash buyers are getting those on the first day of listing now. I also notice more foreclosures (whereas before almost everything in our price range was short sales) but some of the prices on foreclosures are way too high compared to other properies.
It still might be too early. Maybe not so much for condos (less kid friendly) but school is still in session and I would think people tend to transition in June, July and August. A lot of people may have to sell first and once school ends the clutch can be disengaged.
Are you sure Gov't is stepping aside? I wouldn't bet on it, I bet they will continue to roll out different tactics to stimulate the housing market which is odd... shouldn't that be the real estate business's job? Look at unemployment, 2 years and the government is still handing out the dough for not working... shouldn't that be transitioning to welfare at this point?
I am almost sure that Govt is stepping aside as they are going to run out of free money soon if they keep spending (but who knows!!!). I don't think after watching PIIGS and Japan, Fed will bet on more borrowing and spending on housing.
Housing has long way to go before moving up!!!At best, with massive stimulus, it has stopped falling (for now!!??). How can housing run up again after around 120% run up (2000-2006) and 20%/30% correction (2006-2009)? I know a lot of people who bought in 2004/2005 are now struggling and my friends who bought last year (2009) are ALL struggling.
A friend of mine, the new 2009 proud homeowner, is borrowing money from me next week. So funny!!!!!!!!!!
Is anyone finding the real estate market to be completely dead since the 4/30 tax credit expired? We have our condo/townhouse on the market and we haven't had a single showing in the month of May. Keep in mind our unit is I believe the lowest priced unit in our complex, so price shouldn't be a huge issue. Your complex is hardly the market. You have to look at comparable TH in your greater area.
Since we are looking to sell our townhouse and upgrade to a more expensive single family home, we are also watching that market. I have 44 homes saved on realtor.com and only 1 of the 44 has gone under contract since the credit expired. Yeah, there is a pattern of gridlock in many places. If you cannot afford to or chose not to sell for what the market will bear, take your place off the market. It's the unsold inventory that puts downward pressure on pricing.
As far as the real estate market goes, it feels like December around here instead of May. I expected this would likely happen in May, I just hope things start to return to normal June - August.
What's normal? Who defines this?
Begining in the 80's people were stuck with their homes for almost a decade in the NY tri state area. They could not take advantage of better rates because they did not have enough equity in their homes to refinance. They bit the bullet and stayed put. This too is a part of normal.
I am almost sure that Govt is stepping aside as they are going to run out of free money soon if they keep spending (but who knows!!!). I don't think after watching PIIGS and Japan, Fed will bet on more borrowing and spending on housing.
Housing has long way to go before moving up!!!At best, with massive stimulus, it has stopped falling (for now!!??). How can housing run up again after around 120% run up (2000-2006) and 20%/30% correction (2006-2009)? I know a lot of people who bought in 2004/2005 are now struggling and my friends who bought last year (2009) are ALL struggling.
A friend of mine, the new 2009 proud homeowner, is borrowing money from me next week. So funny!!!!!!!!!!
You are an interesting guy
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