Quote:
Originally Posted by margaretmattson
I sold a home in September in 7 days. I made a good profit and used that to buy my current home. But, I had been living in the prior home for 17 years. Lots of time for appreciation.
Things have changed in the past FEW MONTHS. The history of homes on the market shows many are sitting for months and prices are moving downward. I didn't want to believe it until the Developer starting reducing prices. 250 + homes is not merely selling off what remains in a Village and moving on. (His way of doing business in years prior) It doesn't take much to realize the market is changing.
We will wait until the end of September. If we are wrong and prices go up, my daughter will be happy with a smaller home or a fixer upper. She is in her 40s. Husband is 54. She has time to wait. For them, any model in any Village is fine. Not picky, at all. Their only concern is buying a home and it depreciates 30-50 thousand in a month or so. Who wouldn't?
Currently, homes SOUTH OF 44 with views and pools seem to make a large profit on the resale. With interior lots, it is a DIFFERENT story. We have seen them sitting for months and YES quite a few suffered a loss. For her own reasons, my daughter wants an interior lot. Maybe it is too much inventory that is dragging prices down on these homes. Because of cookie cutter build, one looks EXACTLY like another. In this case, maybe buyers go the cheapest route they can find.
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Very much spot on. Two things to mention. The first is interest rates do matter. More than half of all homes bought here are financed. Secondly, there seems to be an uptick in view lot new construction. There is a lot of water south of 44.
I still see depreciating housing prices till summers end. The Fed won’t cut interest rates anytime soon. Waiting doesn’t hurt a bit. If you bought now, we still have a ways to go till the bottom on prices. Houses are for sale EVERYWHERE!