Quote:
Originally Posted by Claeren
Go back and re-read my posts in this thread -- I have been DEAD ON so far....
Prices are going to keep dropping.
Single Family Homes will bottom out before Condos.
Urban/Established Neighbourhoods will bottom out before Suburban Areas.
Faux Luxury Condos will drop further than well constructed and well priced condos without the faux luxury taglines (OMG GRANITE COUNTERS!? $400,000/500sq-ft IS CHEAP!).
Faux Luxury '$475,000-$650,000 McMansions' will drop a lot more than established older homes and/or entry level homes.
The loss of zero down and 40 year mortgages is going to take another 5%+ off prices.
Higher interest rates in 2009 and 2010 will take another 5%+ off pricing OR higher inflation will wipe away 5%-15%/year in home value.
So if you want a house you will have to be more on top of things but if you want a condo wait as long as you can? Maybe a year or more?
Of course your current living costs also come into play in terms of when you should buy.
Renters are making out REALLY well right now though. Landlords are not only subsidizing the rent by a thousand or more a month but are also losing thousands per month in lost home value.
Claeren
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Radley, you, and I were the closest..