Anytown, USA - Sharp decline in housing sales

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MD²
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Anytown, USA - Sharp decline in housing sales

Postby MD² » Wed Oct 24, 2007 11:26 am


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Futura Girl
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Postby Futura Girl » Wed Oct 24, 2007 11:35 am

i actually hope they cut rates again - we need to refinance and pull equity out so we can buy and restore another home!!!

don't let them fool you.
it's a great time to buy that second dream modern vacation folks peeps

modfan
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In some places

Postby modfan » Wed Oct 24, 2007 3:03 pm

it looks pretty bad.
But I remember circa 1966
The homes in New Bellehurst (at Los Coyotes Country Club) in Buena Park
ended up empty and unsold for a couple of years to the point that the city was getting concerned it was becoming an eyesore-weeds, vandalism, squatters and such not only that a lotta builders just stopped building homes, the market really really dried up but as with most all things, the market recovered and now that tract is one of the most expensive places to live in inland OC.

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Perks
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Postby Perks » Wed Oct 24, 2007 9:10 pm

That's the fun of the real estate game. We seem to hit a boom and then a trough every decade or so. This one's going to be interesting to watch.

Thanks to the "free love" credit policies of the past several years, we've run into unsustainable prices that are completely out of whack with income. Toss in the tightening credit market and you have a shrinking pool of qualified buyers who are vying for an increasing supply of homes thanks to the foreclosure boom.

Is this a great time to buy? Depends where and what you're looking for. Real estate markets represent an intimately regional phenomenon. The median price in greater L.A. has fallen from $546K to $512K, or $34K in the past six months (source: ). I've spent $13,500 in rent in the past six months. $34K is not a dramatic drop percentage wise; however, assuming I buy a median-priced home, which is about what I'm looking for, I've saved more than $20K by NOT buying six months ago (which I almost did). I can't say how much farther prices will fall, or even if they'll continue to fall, but there are 20,000 more homes for sale in metro L.A. right now than there were for sale a year and a half ago (that's a 73% jump), and in the range of 7,000 more than there were six months ago (a 17% increase). Those of us who are looking to buy can rest comfortably knowing we'll have plenty of time, and options, to find the right place.

With that said, markets that didn't have a major run-up in prices are still fairly solid and represent good opportunities for investors. And high-demand "niche" homes such as Eichlers will still be worth good money. They aren't exactly building any more of those.

The downturn in certain markets may well be a ray of sunshine for modern fans: Now that house-flipping is not as profitable as it used to be, we may see fewer MCM homes mangled by someone who is convinced that faux stone facades, granite counters, crown moulding, and of course MARBLE COLUMNS are the wave of the future. Lower prices will mean that more people who appreciate modern homes can afford to buy them and give them the care that these buildings deserve.
Andy Perkins, Broker/Owner


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