Going to look at this house!

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Member since 5/05

34581 total posts

Name:
Donna

Re: Going to look at this house!

Posted by Redhead

Actually most people i have talked to...they say houses prices are staying the same for all houses 400K and lower. They are going like hot cakes and you will most probably will NOT see any decrease...
ESPECIALLY a house that is only 310K. That most DEFINITELY will either rise or stay the same, depending on the condition of the home.
The realtors say, and jeez i have toalked to a bunch, that the houses 400 and above are staying put. Not being sold fast at all. But no decreases have happened just yet.

So if you really like this house...i suggest you go for it. The only thing i am hoping is that the 400K plus houses drop in price so i could get more for the $$$.

Well we are getting differnt opinions then. Both my sisters and my BIL are Appraisers. We have a broker, and we have 2 friends who are in mortgage law....they disagree , so of course Im gonna listen to them first....

Im not saying houses are gonna go down to $200K again, but the prices are dropping slowly, you can easily look it up.

Saving 10K means like I said before a lot to us. Obvioulsy the houes arent WORTH what we are paying for them because they were half the prices 2 years ago...

That fact freaks me out.

We are in no rush to own a home. We would like the "investment" part of it, and we have even considered buying and renting or re-selling a house down south instead and waiting to see what we decide.

I think it sounds like Im talking ourselves out of it, and that just may be the case..

Posted 7/27/05 8:52 PM

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-Lisa-
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Member since 5/05

6530 total posts

Name:
Lisa

Re: Going to look at this house!

throwing another appraiser's opinion into the mix...I haven't seen prices dropping. They may not be going up as drastically, but they're not dropping.

Houses may be staying on the market longer and go through some list price drops, but thats because there were too priced too high to begin with. They're not SELLING for less than they did 6 months ago (at least I haven't seen any indication of that)

As for the difference in appraisals in your example - keep in mind an appraisal is only an OPINION of value and there can be a large discrepancy from one appraiser to another. The first appraisal may have been an inflated value (which is VERY common in this industry). Just this week I appraised a house in Brentwood at $320K, that same house was appraised by someone else last week at $290K and I had appraised the same house in May04 at $255K.

Good luck in whatever you decide!

Posted 7/27/05 9:30 PM

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dm24angel
Happiness

Member since 5/05

34581 total posts

Name:
Donna

Re: Going to look at this house!

Lisa-
Do you think prices will go up anymore over the next say 24 months in your opinion?

Posted 7/27/05 9:36 PM

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-Lisa-
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Member since 5/05

6530 total posts

Name:
Lisa

Re: Going to look at this house!

I think they'll still go up, but I can't put a timeframe on for how long...its already gone on much longer than anyone anticipated, and economists have been predicting the end for years already Chat Icon

I don't think LI will see a bubble burst - a leveling off, yes, but I doubt the real estate market will tank.

I was paranoid that the market would tank as soon as we closed on our house (Sept04), but <6 months later the same house around the corner sold for $90K more than we paid...