Could you use a little good news about the housing market?

[Boomer]

I know. I know. I am always dragging something in here for you to read. You might be starting to think that I think I am some kind of librarian or something. But really, I just see stuff that I think somebody else might be interested in seeing so I drag it in here.

Today my Business Week arrived in the mail. I must be an old-fashioned girl because I still like to read the actual magazine, carry it around with me, spill coffee on it.

The cover story this week is "Signs of Life" and it is about the housing market starting to improve. It is not over yet. It could be a while before the fat lady sings. And she is not exactly warming up in the wings either. But her limo may be approaching the opera theater. Things are starting to happen, especially in the hardest hit areas of the country.

Speculators are back. Interest rates are really low. And there's that $8000 tax credit for first time buyers.

Why don't they ever give our demographic a tax credit to buy a house? And can you imagine what that kind of thing would have done if they had made it available to all home buyers, not just first time. Had that been the case, the backlog would have been well on its way out by the end of the year I bet. (I just wish they would come up with great CD rates for people over 50. 55 even. But they never ask me. Oh well. I digress. Back to real estate now.)

So anyway, I am linking the story here for you, in case you are interested, too. (There is a little video on the page but there is not much to that part.)

http://www.businessweek.com/magazine/content/09_15/b4126024274388.htm?chan=magazine+channel_top+stori es

Boomer

[JeanneBeannie]

Enjoyed reading your post, it does seem as tho the market is on a slight upswing. I sure hope so lol as my house is on the market and I am showing it tomorrow :pepper2:. And I agree with you that the incentive to buy should be available to all home buyers, not just the first time buyers....would have made a huge difference! :agree:

[chuckinca]

Good Luck !

If we could sell our house in Norcal for a reasonable price I could retire.

.

[JeanneBeannie]

Thank you so much, I should be running around making things perty for them, but I cant seem to tear myself away from TOTV lol. I am trying to learn as much as I can, just in case I am lucky and sell. I know what you mean, I will be taking a beating in this market. Good luck to you also, I hope you sell soon so you can retire. I cant think of a better place to enjoy the rest of our days in TV :pepper2:.

[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.

[Muncle]

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.


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.