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  • August 18, 2008 at 1:07 PM #13608
    scaredyclassic
    Participant

    ive never bought a house and im in my mid-forties. For the first time, i have the money, relative stability and general desire to do so. Still, it’s kind of frightening how fast prices are falling in temecula-murrieta. when you check the realtor websites, they seem to be dropping prices weekly. I found a place I like, a huge place in a spot i can enjoy living at and it’s about 200k or 65 a square foot. that just sounds awfully cheap. how much cheaper can this stuff get? it seems like if houses were costing much much less, then the neighborhood would probably go to pot. can these huge houses in reasonable neighborhoods really start going for 150k, 120k? it just sounds TOO cheap. im pretty pessimistic, but, is this precipitous decline going to level off reasonably soon? obviously no one really knows, but will it at least change from weekly price listign drops to monthyl drops? if a house i bought went from 200 to 150 in 6 months, i’d be irritated. seems to me like you’d need a 33% gain to get back to even, which could theoretically take 10 years or so. so, I should wait, right? on the other hand, it’s cheaper to buy for me than my current rent, and I’m not planning to move anytime soon. and i like the place, actually like it, not just tolerate it. however, i’d be peeved by a substantial (more than 10%) quick equity loss. ….dang. how low can it really realistically go? and how fast?

    August 18, 2008 at 1:22 PM #258402
    kewp
    Participant

    how low can it really realistically go? and how fast?

    Properties could fall to essentially zero, become abandoned by the lender and then demolished by the city. This is already happening in some parts of the country.

    Even if it stabilizes at something like 100k, think of who your neighbors might be before locking yourself into a 30-year mortgage.

    The problem with the IE is a combination of rampant over-building combined with a local economy itself heavily dependent on real-estate is going create a massive inventory overhang. There are simply more properties than people willing to buy them out there.

    August 18, 2008 at 1:22 PM #258591
    kewp
    Participant

    how low can it really realistically go? and how fast?

    Properties could fall to essentially zero, become abandoned by the lender and then demolished by the city. This is already happening in some parts of the country.

    Even if it stabilizes at something like 100k, think of who your neighbors might be before locking yourself into a 30-year mortgage.

    The problem with the IE is a combination of rampant over-building combined with a local economy itself heavily dependent on real-estate is going create a massive inventory overhang. There are simply more properties than people willing to buy them out there.

    August 18, 2008 at 1:22 PM #258603
    kewp
    Participant

    how low can it really realistically go? and how fast?

    Properties could fall to essentially zero, become abandoned by the lender and then demolished by the city. This is already happening in some parts of the country.

    Even if it stabilizes at something like 100k, think of who your neighbors might be before locking yourself into a 30-year mortgage.

    The problem with the IE is a combination of rampant over-building combined with a local economy itself heavily dependent on real-estate is going create a massive inventory overhang. There are simply more properties than people willing to buy them out there.

    August 18, 2008 at 1:22 PM #258651
    kewp
    Participant

    how low can it really realistically go? and how fast?

    Properties could fall to essentially zero, become abandoned by the lender and then demolished by the city. This is already happening in some parts of the country.

    Even if it stabilizes at something like 100k, think of who your neighbors might be before locking yourself into a 30-year mortgage.

    The problem with the IE is a combination of rampant over-building combined with a local economy itself heavily dependent on real-estate is going create a massive inventory overhang. There are simply more properties than people willing to buy them out there.

    August 18, 2008 at 1:22 PM #258694
    kewp
    Participant

    how low can it really realistically go? and how fast?

    Properties could fall to essentially zero, become abandoned by the lender and then demolished by the city. This is already happening in some parts of the country.

    Even if it stabilizes at something like 100k, think of who your neighbors might be before locking yourself into a 30-year mortgage.

    The problem with the IE is a combination of rampant over-building combined with a local economy itself heavily dependent on real-estate is going create a massive inventory overhang. There are simply more properties than people willing to buy them out there.

    August 18, 2008 at 1:27 PM #258407
    ibjames
    Participant

    I never thought of it that way..

    My guess would be to just hang tight till inventories start shrinking and you can see what areas are still in good shape after all is said and done, since it looks like the numbers already make sense.

    I guess the amount of money lost to renting could be looked at as peace of mind when you finally do buy a place that the areas around it are stable.

    August 18, 2008 at 1:27 PM #258596
    ibjames
    Participant

    I never thought of it that way..

    My guess would be to just hang tight till inventories start shrinking and you can see what areas are still in good shape after all is said and done, since it looks like the numbers already make sense.

    I guess the amount of money lost to renting could be looked at as peace of mind when you finally do buy a place that the areas around it are stable.

    August 18, 2008 at 1:27 PM #258608
    ibjames
    Participant

    I never thought of it that way..

    My guess would be to just hang tight till inventories start shrinking and you can see what areas are still in good shape after all is said and done, since it looks like the numbers already make sense.

    I guess the amount of money lost to renting could be looked at as peace of mind when you finally do buy a place that the areas around it are stable.

    August 18, 2008 at 1:27 PM #258656
    ibjames
    Participant

    I never thought of it that way..

    My guess would be to just hang tight till inventories start shrinking and you can see what areas are still in good shape after all is said and done, since it looks like the numbers already make sense.

    I guess the amount of money lost to renting could be looked at as peace of mind when you finally do buy a place that the areas around it are stable.

    August 18, 2008 at 1:27 PM #258699
    ibjames
    Participant

    I never thought of it that way..

    My guess would be to just hang tight till inventories start shrinking and you can see what areas are still in good shape after all is said and done, since it looks like the numbers already make sense.

    I guess the amount of money lost to renting could be looked at as peace of mind when you finally do buy a place that the areas around it are stable.

    August 18, 2008 at 2:21 PM #258432
    largemammal
    Participant

    How low can it go? How about this?

    http://www.foxbusiness.com/story/markets/economy/house-sells-dollar/

    A similar article was referenced recently on this site. If it can go to $1, can it go to -$1? Could a good negotiator get the bank to put up cash to pay for some portion of the repairs?

    August 18, 2008 at 2:21 PM #258620
    largemammal
    Participant

    How low can it go? How about this?

    http://www.foxbusiness.com/story/markets/economy/house-sells-dollar/

    A similar article was referenced recently on this site. If it can go to $1, can it go to -$1? Could a good negotiator get the bank to put up cash to pay for some portion of the repairs?

    August 18, 2008 at 2:21 PM #258633
    largemammal
    Participant

    How low can it go? How about this?

    http://www.foxbusiness.com/story/markets/economy/house-sells-dollar/

    A similar article was referenced recently on this site. If it can go to $1, can it go to -$1? Could a good negotiator get the bank to put up cash to pay for some portion of the repairs?

    August 18, 2008 at 2:21 PM #258680
    largemammal
    Participant

    How low can it go? How about this?

    http://www.foxbusiness.com/story/markets/economy/house-sells-dollar/

    A similar article was referenced recently on this site. If it can go to $1, can it go to -$1? Could a good negotiator get the bank to put up cash to pay for some portion of the repairs?

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