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Old 10-10-2008, 01:05 PM
 
77 posts, read 413,916 times
Reputation: 35

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I'm considering buying a home in Westchester/Rockland in the next year and was curious to know what you all thought about the housing market for the fofreseeable future, considering all that's currently going on in the financial/housing markets.

What do you think will happen with house prices over the next year or two?

What do you think will happen with interest rates over the next year or two?

Would a drop in prices outweigh a rise in interest rates, or vice-versa?

I know I'll get some well-informed feedback from you guys on this.....
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Old 10-11-2008, 06:51 AM
 
40 posts, read 248,612 times
Reputation: 21
I was listening to experts on Hannity & Colmes and the situation room this week and the advice was, if you ave good credit score
can afford the mortgage
have some cash lying around
Now is the time to buy.

Some think we may stay in this downturn for 6 - 18 months. Could the prices go lower? Sure they could but, they may change the loan regulations to a point where you may not qualify for the mortgage you need in 6 months.

I just purchased and sold a home in a 2 month window. I am happy with the outcome.
I think the right house will make your mind up for you. It did in my case.
Good Luck
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Old 10-12-2008, 06:22 AM
 
1,594 posts, read 3,211,596 times
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Quote:
Originally Posted by ghguy View Post
I'm considering buying a home in Westchester/Rockland in the next year and was curious to know what you all thought about the housing market for the fofreseeable future, considering all that's currently going on in the financial/housing markets.

What do you think will happen with house prices over the next year or two?

What do you think will happen with interest rates over the next year or two?

Would a drop in prices outweigh a rise in interest rates, or vice-versa?

I know I'll get some well-informed feedback from you guys on this.....
My expectation is that there will be less supply and less demand. No one is buying or selling unless they need to.
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Old 10-13-2008, 09:03 AM
 
40 posts, read 168,637 times
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So would that mean that there will be more rentals available if fewer people are selling and buying?
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Old 10-13-2008, 12:28 PM
 
Location: Yorktown Heights NY
1,316 posts, read 4,908,989 times
Reputation: 435
Quote:
Originally Posted by ceskykrumlov View Post
So would that mean that there will be more rentals available if fewer people are selling and buying?
I think what ponnytrekker is saying--which I agree with--is that all those people who would like to sell (to get more space, a better school, more yard, etc) but who don't need to are simply staying put and waiting until the market stabilizes. And all those people who would like to buy but don't need to are also waiting. That will not increase the number of rentals on the market at all. But what will--and has--increase the number of rentals are those people who really need to sell but can't. People who already bought and now have 2 mortgages but who can't sell (or can't sell for "enough") will rent out their houses in order to cover their expenses.

As for the future of the market, that really depends on the economy. If this is the beginning of a long and deep recession (or depression) then prices should continue to drop and then remain low--and interest rates should remain low too. If this turns out to be a relatively mild recession then I imagine prices will stabilize and then increase again. And I imagine interest rates will then increase as well.

I also think it depends on the specific market. Prices in some areas of Westchester have already dropped a great deal--I see asking prices being cut by 20% in many cases and houses selling for that much below asking. In those areas, prices seem to be back to 2003/2004 levels and therefore seem primed to increase as soon as things stabilize. Prices in other markets have barely decreased at all and are still greatly inflated--I'd expect prices in those areas to keep dropping for awhile.
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Old 10-13-2008, 06:10 PM
 
701 posts, read 3,137,178 times
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I think this is especially hard to predict, especially for an area like Westchester. Nobody really knows when the housing market will hit bottom, and some people think we are already there. In affluent metro areas, there is also the issue of laid off employees in the financial sector. Will former Lehmans executives be selling their Scarsdale McMansions?
With so many factors at play, any prediction is an educated guess.
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