Home prices falling
 

We bought our home last March and it seems like prices are steadily falling. Is that because of the time of year we purchased or is that becoming a trend?

Re: Home prices falling
 

It's the current real estate market trend nationwide. It will pass and your home, and all others, will appreciate more than you want it to.

We bought in the spring of 2005 and the house went up in value about 50% in 10 months but has fallen a total of about 10% in 2006 and this year. The reason we bought then was that the houses had gone up about 30% from the prices in early 2004 and we didn't want to miss the boat.

Re: Home prices falling
 

IT IS THE TIMES...

NEW AMMARILLO 1 1/2 Yrs ago $245- $275 NOW $ 209-$215

Re: Home prices falling
 

If home prices are falling would you assume that this is a good time to buy? Darlene :-*

Re: Home prices falling
 

Re: Home prices falling
 

chuckinca is so right. We bought in Jully 2005 when it was a sellers market. Our home went up about 30% by first of 2006. Now not as high as in Jan 2006. The market is horrible all over the country. Foreclosures are higher than ever. This is partially due to the "innovative" mortgages sold to people who might have known better. Some of the interest only loans which were really big in the California market. It is really sad that most of the foreclosures are first time owners and retired people.

When we bought the developer was in the captain's seat. Not now. They are doing all kinds of creative things to sell the new homes. Not much effort goes into selling the previously owned homes.

The market is the market. The Fed controls the interest rate and if it keeps going up we can look for previously owned homes to sit stagnant for a while.

We sold before we left Virginia and sold it without listing to a former neighbor. Back in June 2005 people were scarfing up homes like ours in Virginia. Glad Joe retired when he did. Otherwise, we might still be in Virginia trying to sell.

God surely blessed us! :bigthumbsup:

Re: Home prices falling
 

Although we bought in Caroline a year ago, we ARE still in VA trying to sell our house in order to move and be a full time resident in TV. Market is extremely tough in Va and we are just up the raod from where you were living (Montclair Va).

Re: Home prices falling
 

Seems like prices are a real bargain right now in TV. Inventory has been sitting around ... and created a real Buyers Market. ::) People up North hesitate to sell their homes for less than they want, creating more inventory in Florida. Lots of people hate to buy when they see prices falling, in case they go even lower. As a former real estate broker, I can tell you that very few people can accurately predict the bottom, or the top. Or we'd all speculate and be millionaires. The smart buyers jump in and secure something when it's a Buyers Market, because it's like a bouncing ball. Once the prices bottom out and start on their way back up, there just may be a sharp increase.

The Villages Sales Reps will tell you that they expect a much higher volume of sales in the "busy" months, January to March 2008, which may deplete inventory. Of course they always try to generate "buzz" to get everyone motivated to jump in and buy. As Fran pointed out, it really depends on what the Feds do with the interest rates and how bad the mortgage foreclosure situation turns out to be. Also, as Fran said, the Village agents try much harder to sell new opposed to resale. I've been told by a Realtor friend that their commission is way higher on new. (But watch out for the bond which seems to be unique to TV, when comparing house prices, resales to new. Even resales can vary from "bond paid" to $15,000 or more outstanding.)

For those who are waiting, trying to sell their houses back home, if you can get a bargain in TV right now, I'd suggest taking less for your home, it all evens out, and lets you move on to the glorious future you know is in store for you. ::)