PinkInTheBlue Posted August 3, 2008 Share Posted August 3, 2008 I realize that things happen and people find themselves having to sell when they didn't anticipate that...but I can't for the life of me figure out WHY people bought while prices were so inflated. I think people get blinders on when it comes to buying a house. Scarlett, I know what you mean. My brother insisted on buying a brand new house in a brand new, being-built neighborhood right outside of LA last year. He was positive that his 2400sq ft, $500,000 house would increase at least 30% in a year or two and he could sell it and make a fortune when they were ready to move back to this area. Now he's in a bit of a panic if he can even get it sold at the price he'll owe on it by the time they move. Especially in areas like his and Phoenix, all overinflated bubbles MUST burst! I would say room temp... neither awful nor great. It really depends on the type of house. The upper-end homes are still selling and being built, though not near as many and as fast as before. Prices have come down, but not as much as I thought they would. Still it's a buyers market! You' all come on down. :D Jenny, the prices in your area are great!! We were so certain we wanted to move to the Phoenix area but when began considering the Atlanta area we already love so much and saw the 50% less prices compared, we were sold! The strange thing is that I can get as much house in the ATL area as I can in my south Alabama town. I really expected ATL prices to be comparable to PHX but, yay, they aren't! :) P.S. This was my first double quote. Yeah me! Quote Link to comment Share on other sites More sharing options...
Kris Posted August 3, 2008 Share Posted August 3, 2008 A person who lives in my house and will remain nameless thinks the market is fine and the media is hyping it up. I disagree. So, I figured I'd ask you all how things are in your neck of the woods. Thanks. Well, I'm no expert -- I just know what I see and I sure wouldn't want to be trying to sell a house right now. We've lived on this road for ten years and in that time a house has never been on the market for more than a couple of months -- and sometimes they sold before the sign could even be put out front. Now, just on this road alone there are -- lessee -- three houses (which would be about ten percent of the houses on this road) that have been on the market for almost a year and NO ONE is coming to look at them. Now -- they may have priced themselves out of it. The new highway was completed a two or three years ago and everyone said property values would skyrocket out here after that. Maybe they took that too seriously and have the price too high but -- I've been noticing the last six months a *lot* of For Sale signs in the "big town" too -- houses that have been on the market for a loooooooooong time. Things might be fine in other places, but they sure aren't here. AND there are a lot of small businesses that have closed up with big FORECLOSURE AUCTION signs plastered all over the windows. I can think of three gas station/convenience stores right off the bat. It seems pretty bad, to me anyway, and I'm sure glad we're not trying to sell *our* house. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted August 3, 2008 Share Posted August 3, 2008 P.S. This was my first double quote. Yeah me! I had to laugh because I had a flash of London Tipton when you said yeah me. If you don't know who that is, alls the better---I won't have to shame myself by admitting I do know. ;) Oh and I still haven't mastered the multiple quotes. I keep thinking I will do a test run, but never get around to it. Quote Link to comment Share on other sites More sharing options...
CJinVA Posted August 3, 2008 Share Posted August 3, 2008 Market is pretty poor here. Houses are taking a long time to sell, and prices are still dropping. Price on one down the road just dropped again, for the 2nd or 3rd time (although I think part of the problem is that the house is just ... different -- large house, square footage-wise, but only 3BR/2BA). Of course, the city STILL increased our assessment this year (as they have every year since we moved here). Hmm. I'm hoping some in the area sell so I have documentation that our house is over assessed (probably to the tune of 50-75K, given the asking prices of nearby homes). We moved to this area in late 2004, pretty much the height of the market, but luckily for us, it was also the height of the market in the DC area where we had been living. If we hadn't had kids, we might have rented for a year or two on the hunch that the market was due for a correction. But that's hard to do with kids, and since we figured we weren't going anywhere for a while, we went ahead and bought, figuring we'd just ride out any fluxuations. Easy for us to do since we moved from a more expensive area to a less expensive area. We have fond memories of the housing bust in the early 90's. Dh and I bought our first house in '92. Of course, my neighbor here has very different memories of that time -- he's a contractor and almost went under. Quote Link to comment Share on other sites More sharing options...
Krista in LA Posted August 3, 2008 Share Posted August 3, 2008 I think things have slowed down, but houses are still selling and builders are still building. Quote Link to comment Share on other sites More sharing options...
PinkInTheBlue Posted August 3, 2008 Share Posted August 3, 2008 I had to laugh because I had a flash of London Tipton when you said yeah me. If you don't know who that is, alls the better---I won't have to shame myself by admitting I do know. ;) LOL, I do know! I have two tween boys who would possibly hate to admit they watch it but they do on occasion. She is a hoot of a character. :) LOL Quote Link to comment Share on other sites More sharing options...
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