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Real Estate prices-are we at the bottom yet

GQgeek

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it's regional, but no.
 

montecristo#4

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Originally Posted by GQgeek
it's regional, but no.

+1.

I'd say they generally still have 10-15% further to go.

That being said, if you're in an area where supply is tight and prices relatively stable, it's a good time to buy if you're able to lock in at a super low 30 year rate, and you're in for the long term.
 

FLMountainMan

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Originally Posted by montecristo#4
+1.

I'd say they generally still have 10-15% further to go.

That being said, if you're in an area where supply is tight and prices relatively stable, it's a good time to buy if you're able to lock in at a super low 30 year rate, and you're in for the long term.



Just did this exact thing. Thirty-years at 5%. My mortgage is $770/month for a kickass house.
 

briancl

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I think all this stimulus mixed with strange incentives (taxes, cheap money, etc) will drag out the bottom. If the market were free to correct, it would probably go down another 10% in the next 18 months, but instead, we'll just see 0% growth for 3 straight years.
 

tom288

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Everything I've heard from people says we won't hit the bottom until closer to the end of the year. Thats a rough guess, and I'm no expert, just what realtors have told me.
 

jefe

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Residential realtors, as a group, are not generally the world's brightest people.

And no we haven't hit the bottom yet, but there are good deals to be had that will still be good deals when we do hit bottom.
 

mkarim

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Originally Posted by FLMountainMan
Just did this exact thing. Thirty-years at 5%. My mortgage is $770/month for a kickass house.

Refinancing at 4.875% in Atlanta. My current rate is 1% higher.
 

millionaire75

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Just a little more background info. I'm looking in central jersey (near princeton) and the owners are giving a final offer 60K below what it was in December. Think I should hold out?
 

Dakota rube

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Originally Posted by dcdenim
depends where...

...in February sales rose their highest in 6 years... lot of distressed properties are being scooped up, whether it gets better before it gets worse again is anyones guess.

Yes, it is entirely local. My market here is pretty stable. Might even see the beginning of an escalation, especially in the first-time buyer price range.

My book of business is really, really full right not with first-timers; they are all chasing that $8K rebate check. I read where Minneapolis sales are up 6% over 2008, with first-timers making up 1/2 of the volume.

The feds pouring money into the first-time buyer rebate has really helped my market. And it is churning the market as well as people sell to first-timers and move up.

Originally Posted by jefe
Residential realtors, as a group, are not generally the world's brightest people.
Careful there, pal.
 

jefe

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Originally Posted by Dakota rube


Careful there, pal.


Ok, that was unfair. There are exceptions to every rule, but you can't defend the industry's willingness to market 'objective advice'. The NAR is stupefyingly optimistic and as much as I dislike most things conservative media, this video sums it up pretty nicely:

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thekunk07

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read an article today on a 3br, 2 bath westhampton house that sold for 480k. what the ****? where to kop?
 

Dakota rube

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Originally Posted by jefe
...The NAR is stupefyingly optimistic and as much as I dislike most things conservative media, this video sums it up pretty nicely.
I'm fairly certain this violates in some fashion my code of "ethics" (wink wink nudge nudge) but the National Association of RealtorsÂ
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sucks. The monthly magazine makes the quickest trip possible from my mailbox to File 13.
 

Dakota rube

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^No.
A house closed upon 1 Jan 09 to 30 Nov 09 qualifies for a flat-out rebate.
Last year was a "loan".

If you sell the house you buy this year after less than 36 months of ownership, you've got to pay it back, however.
 

jgold47

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I think some of the more stable markets are already at bottom, and some might even be inching up as the incentives, rebates, etc... are making it incredibly attractive to get into a house right now. the big if, is if you can get approved for a loan, which my realtors tell me is scuttling more deals than anything right now. I think we hit the full bottom the minute the banks start to relax the credit. Obviously not to sub prime or alt-a, but just a little more, allow the 90-95% with good credit back in, and i think it takes off like a rocket again.
 

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