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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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House prices after the election..what do you think?
Do you think they'll go up or down, or level off?
I'm thinking they'll level off. Not sure though.
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Posted 10/16/08 9:45 AM  |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: House prices after the election..what do you think?
Nowdays, it's hard to predict what will happen.
I heard on the radio that prices on LI have already dropped 20% from the peak, and they expect them to drop a bit more before leveling off.
Even though I'm not in the market, I check MLSLI every so often, and it seems ilke there are just certain areas that prices do not budge. Maybe it's stubborn sellers who are willing wait out the storm, or the neighborhood is just that good.
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| Posted 10/16/08 10:35 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: House prices after the election..what do you think?
Posted by SpiceGirl
Nowdays, it's hard to predict what will happen.
I heard on the radio that prices on LI have already dropped 20% from the peak, and they expect them to drop a bit more before leveling off.
Even though I'm not in the market, I check MLSLI every so often, and it seems ilke there are just certain areas that prices do not budge. Maybe it's stubborn sellers who are willing wait out the storm, or the neighborhood is just that good.
I am in the market...and it's a mixture of good neighborhoods and stubborn sellers......mostly stubborn sellers.
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| Posted 10/16/08 10:43 AM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: House prices after the election..what do you think?
I think part of the problem is there are lot of people who don't 'have' to move. They bought their house 20-30 yrs ago for dirt cheap and want to walk away with top dollar prices. Hey, I don't blame them...they saw what prices climbed to in 2005 and they are having a hard time accepting anything less now.
I guess if they wait long enough, prices will eventually start going up again.
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| Posted 10/16/08 10:52 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: House prices after the election..what do you think?
totally depends on the neighborhood.
I bought two years ago - same house as mine sold last week for almost $20K more than what I paid - and we have a garage and they dont. and we have a bigger yard. otherwise same condition/layout.
so who knows!
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| Posted 10/16/08 10:57 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: House prices after the election..what do you think?
Posted by Sandy55
Do you think they'll go up or down, or level off?
I'm pretty sure one of those three things will happen. Probably more than one of them. And you can quote me on that! 
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| Posted 10/16/08 11:07 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: House prices after the election..what do you think?
Crazy question:
Do you think the government wil eventually regulate house prices to prevent another boom? Or will they just be more strict on getting loans
(which they have already started)
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| Posted 10/16/08 11:08 AM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: House prices after the election..what do you think?
Not sure what home prices will do. I don't think they'll really start to rebound until the economy is more stable. I don't think govn't (at the local or federal level) will ever mandate a selling price of a home, but they may implement other things - like additional qualifications to get a mortgage for first-time buyers.
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| Posted 10/16/08 4:16 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: House prices after the election..what do you think?
Posted by Sandy55
Crazy question:
Do you think the government wil eventually regulate house prices to prevent another boom? Or will they just be more strict on getting loans
(which they have already started)
Gov't wants a boom. people have more equity, spend more money. they won't regulate, i don't think.
Good luck in your house hunt, you have had such Sh|TTY luck lately...
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| Posted 10/16/08 4:21 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: House prices after the election..what do you think?
Where i live, i dont really see the prices going down that much. I check mlsli all the time.
I mean there are some good deals, but for the most, a decent condition home is going to run you at least 500k
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| Posted 10/16/08 4:50 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: House prices after the election..what do you think?
I believe they will go up after the first quarter of 2009. Like around March or April 2009. People want to see
a) who is elected
b) what they will do in the first 90 days for the economy
c) Will Bernake rate interest rates? Will the new pres require him to raise interest rates to decrease inflation of the us dollar?
Google it. After Clinton was elected March of 1993, prices started to go up after a decline in the late 80's early 90's.
Same with GWB, price went up a little in March 2001, but skyrocketed after 9/1//01.
Just my 2 cents...I could be dead wrong, but I know the history of the housing market.
Message edited 10/16/2008 9:28:21 PM.
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| Posted 10/16/08 9:27 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: House prices after the election..what do you think?
elections have nothing to do with it.
banks are simply not going to lend money like they have in the last 10 yrs or so. you will only get a loan for what you can afford, and only if you have stellar credit.
combine that with higher interest rates, and I don't see housing prices *not* coming down.
JMHO
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| Posted 10/16/08 9:53 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: House prices after the election..what do you think?
Posted by SweetestOfPeas
elections have nothing to do with it.
banks are simply not going to lend money like they have in the last 10 yrs or so. you will only get a loan for what you can afford, and only if you have stellar credit.
combine that with higher interest rates, and I don't see housing prices *not* coming down.
JMHO
agreed!
it's going to be a while- this is just the begining of the down turn
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| Posted 10/16/08 9:59 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: House prices after the election..what do you think?
Posted by SweetestOfPeas
elections have nothing to do with it.
banks are simply not going to lend money like they have in the last 10 yrs or so. you will only get a loan for what you can afford, and only if you have stellar credit.
combine that with higher interest rates, and I don't see housing prices *not* coming down.
JMHO
I totally agree.
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| Posted 10/17/08 8:12 AM |
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Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
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Re: House prices after the election..what do you think?
Posted by rkoenke
Posted by Sandy55
Crazy question:
Do you think the government wil eventually regulate house prices to prevent another boom? Or will they just be more strict on getting loans
(which they have already started)
Gov't wants a boom. people have more equity, spend more money. they won't regulate, i don't think.
Good luck in your house hunt, you have had such Sh|TTY luck lately...
I know! I think we're going to wait 6 months.
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| Posted 10/17/08 10:24 AM |
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