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Old 09-15-2007, 03:21 PM
 
Location: Manassas, VA
9 posts, read 30,244 times
Reputation: 11

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I've been reading this forum for a while now - and from what it sounds like, there must have been a housing market spike in the past few years. In the DC Metro area, SFH went from around $250,000-$400,000 to about $600,000+.

Is it a bad time to purchase? Are you expecting it to go down? Or am I just way off and the housing market has always been this way...
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Old 09-15-2007, 05:27 PM
 
630 posts, read 1,874,052 times
Reputation: 368
Market in RI went up from about 98 on until early 06,has retreated significantly since then,but unlike many areas of USA,never had the wild speculation.I personally expect about an additional 10-15% downleg in prices from current levels and that should just about do it.So whatever you're looking at offer that much lower and I don't think you will run the risk of being in a negative equity situation,Good Luck,Happy Hunting!
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Old 09-15-2007, 05:51 PM
 
Location: Manassas, VA
9 posts, read 30,244 times
Reputation: 11
That's what I suspected. I don't think RI is as volatile market as anywhere else. But then again, I never expected people to stretch out from DC all the way to Winchester (70 miles away).
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Old 09-16-2007, 05:17 PM
 
Location: chepachet
1,549 posts, read 3,054,234 times
Reputation: 793
Quote:
Originally Posted by SS29 View Post
I've been reading this forum for a while now - and from what it sounds like, there must have been a housing market spike in the past few years. In the DC Metro area, SFH went from around $250,000-$400,000 to about $600,000+.

Is it a bad time to purchase? Are you expecting it to go down? Or am I just way off and the housing market has always been this way...
figure about a 20% discount from the highs of early 2006. many homes have been on the market for more than 90 days and many are being sold by the homeowner rather than a realtor. good time for deals if you have the financing approved before you attempt to make a purchase. always better to be preapproved for a set amount. good luck!

Mark
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