With the downturn in the housing market and all the problems with subprime loans what does that mean for a prospective buyer, should one hold out longer for a better price or hold out for the market to get worse.
We are closing on Friday! Woo hoo! <table style="width:auto;"><tr><td><a href="http://picasaweb.google.com/treymcglaun/NewHouse06/photo#5052892442757414914"><img src="http://lh6.google.com/image/treymcglaun/Rh9658LPwAI/AAAAAAAAHD0/jss2ll-KiaU/s400/New%20House%202007-04%20030.jpg" /></a></td></tr><tr><tr><td style="font-family:arial,sans-serif; font-size:11px; text-align:right">From <a href="http://picasaweb.google.com/treymcglaun/NewHouse06">New House</a></td></tr></table>
Yes I think so. The subprime problem wiped out a lot of demand. Also, since many people think it will dip, so they start to holding out as well. This causes a further drop in demand. With some people having difficulties to refinance, we should have more fire sales and foreclosures that drive up the supply. An decrease in demand and an increase in supply will cause home prices to drop. The question is how much and how long does it take to get to the bottom. Both aren't easy problems. But for now, I see further room for correction, so I am holding out as well.
So, is this bad news for someone who is planning on putting his house on the market in about 6 months?
its not horrible news but its not the best either. prices havent dropped yet but i think they will start to head south a little, not much but a little. That doesnt mean you wont get a good deal, it just might be harder to do so
We are about 5 minutes south of Woodlands Parkway on Kuykendahl. It's a Tomball address but not really anywhere near Tomball.
depends where you are. there are certain areas of town that are pretty insulated against stuff. i live out on the west side of town. the appreciation in home values is to the point of ridiculous. as long as oil is relatively high, you will have huge demand for these homes. lots of divisions of new jobs in the energy corridor and tons of office construction. to top it off the population is moving west, generally, anyway. very good schools. homes are put up on the market and sold almost immediately...literally, if you're not with realtor who is monitoring it daily, you're missing out. there's an insulation from any problem with subprime lending.
I live on the NW side, just 5 minutes from 610. Per my neighborhood newsletter, houses in my neighborhood are averaging about 51 days on the market before being sold. Is that good, bad, or average? The good news is that the average price per sq foot in my 'hood has gone up since I bought my house a few years ago.
51 days isn't bad. In bad times, you see houses on the market from anywhere between 4 - 6 months. Some even up to a year.
Well, if the housing market is in a downtown with no recovery in sight, logic tells you to wait it out for the good deals to come...Who knows, but in Dallas, there are so many homes for sale and I think it'll get worse...
