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T

How long before home prices start going up again?

Home prices are dropping right now. Everyone says it is the time to buy. Do you agree? A lot of people are under the impression the home prices will sky rocket again shortly after the New Year. My wife and I set a target date of late 2009, early 2010, to buy our first house. Are we waiting too long?
J!!:

Hi, Michael. Out of curiosity, have those you've spoken to who are under the impression that the home prices will sky rocket shortly after the New Year said why they believe this? Just wondering what their reasoning is ... thanks!

T:

Well, most point to the "Project Bailout" as the reason things will turn around for the housing market and banks. We will go back to the ways of the 80's, people getting huge loans they have no business asking for and houses start selling again. House Flippers and Real Estate Businesses will raise the prices knowing people will be able to stretch for homes they wouldnt have been able to get earlier.

Meri:

Several pundits are using those same dates and are saying it will get worse before it gets better - the bottom hasn't been hit yet. Recent housing figures show an increase in current home sales - that's not the same as new construction. Also, what they're saying is that you can't separate housing from the rest of the economy and especially jobs. Keep watching the markets and financial news.

T:

Ah. I have to admit, some of the info. I got was from a desperate real estate agent. But I've heard things elsewhere too. A lot think the Project Bailout will take us back to the 80s for a short period of time.

Meri:

The housing boom of the 80s was also during an economic boom. The experts today are saying pretty much the same thing - job growth, higher incomes, GDP - the economic indicators are what are likely to indicate sustained housing gains.

T:

Makes sense. Yeah, I think I'm letting desperate realestate sales people talk to me too much. We like our original plan still, wait till late 2009, early 2010.

Zeke:

There are a lot of Desperate Real estate agent s right now. Don't believe them. I know quite a few who are leaving real estate. they are starving.

T:

I believe it. Not the field to be in right now. We are definately going to do things on our terms. We have good credit, money saved (will have even more by the end of 09) and can go almost anywhere.

Bev:

I think if you have the money and the means and find the right house then it is never too soon as paying rent is not an investment at all. I do think that is will get worse before it gets better...when bidding on a house remember you have the power $$ and make sure you cut back your offer.....and if you are not in a hurry it wont hurt to play around and see what is available for your money.

T:

aha. I agree, paying rent is no way to get ahead. Although renting is a good option for some. But, well, I'm a travel nurse so I dont have rent or utilitie payments to worry about. As long as I stay on assignment without any major breaks in between, my housing is taken care of for me.

Yeah, I've seen more desperate house sellers recently than in the past. Seems they are willing to take huge losses just to avoid foreclosure. Not sure it'll be as much a buyers market near the end of 2009.

Zeke:

No , I don't think so. I think we are going to see a protracted decline our at the best a flatine in the housing sector. There are some good theories out there that show some 18 year cycles. We had a very good 18 yr cycle up, we should see the same 18 year +or -, going down or flat. Look at Japan, a long down turn in real estate almost 18 years.

 It is a buyer market, no need to hurry, Buy the house you can afford . Buy in the best neighborhood you can, ALWAYS. Location, Location, Location.

T:

Yes, I agree. We dont need to rush. We want a good situation when we settle down. We've earned it.

Zeke:

Curious , where are you looking to buy ? city and state ? Foreclosure are a good opportunity right now. But , you have to do your homework.

T:

Well, the state of WA is in the front running right now. Anywhere in the North/east part of WA. Or somewhere near Mt. Rainier. Have to have a hospital somewhat near the home. We are both nurses and dont want a 2 hour commute.
If not WA, our home state PA, Lancaster or somewhere near Pittsburgh would be the spot.

Dollar brand:

Maybe the spring of 2010 the prices will gradually start going up, if they go up to fast, nothing will work, as far as getting first time home buyers to qualify for their first loan. If you are financially secure, and creditworthy, you may be able to purchase a home soon at almost half of the fair market value. If you go for a foreclosure, you might get a better deal, plus you will be able to deduct that 7,000 for a tax credit off your income tax. Get your desired house inspected first, you don't want any unseen surprises............Good Luck

T:

Yeah, I see a lot of sellers who are just trying to avoid forclosure. Still, we want more time to save and put away money to furnish the home with. Plus, we want to find a home near jobs we really like. Finding a home and a job in the same area takes time. No need to rush.

Dollar brand:

You seen to have a good plan..........M

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