Quote:
Originally Posted by 784caroline
Chuck in Ca
Unfortunately the term "reasonable" is being redifined as far as housing is concerned. All these housing sales we are reading about are recorded sales but if you notice they rarely say at what price.
Every house can sell at the right price. WE were caught up in the downslide for it took us 20 months to finally sell our house in N Va last year. I dont think we will see a housing market that we were used to in 2001 - 2006 for a number of years to come so hard decisions by many will have to be made.
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I don't know that we want/need a market similar to 2001-05. Yes, for sellers the prices were outrageous and oh so glorious. I know the profit I made from my '05 sale were obscene. But the market in such places as Northern VA, California, and others was pure chaos. Especially in 03-05, homes were on the market for a day or two before bidding wars started. First-time buyers and in-comers from less dynamic markets were shut out entirely. Want a nice single family for about $500K in NOVA -- ain't gonna happen. Maybe a mediocre townhouse or a commute to Prince Wm, Stafford, or if you got lucky, Loudon county.
I remember the late 90's when my condo regained the value I'd paid in '94, $125K. About the same time, I sold a Prince Wm condo I bought in 84 for $49K for $55K. Then it hit. We watched the first condo in my complex break $200K. I was giddy. Soon the impossible $300K target was in sight and readily hit. I decided to sell in mid '05 and asked an absurd $340. I didn't get my bidding war, but after 4 days I got a full price sale. (I know $215K profit ain't that great, but percentage wise, it's not shabby.) None of us heard the ceiling break or the floor collapse below us, but another condo didn't sell in my complex for over 6 months and to this day, no one has approached my price.
No, the market is buyers and sellers. I'll take more stable 5% to 8% to maybe even 10% inflation of prices but not the inanity of the early 2000's.
But I could be wrong.