House Prices....

...are predicted to drop for the next two years It's a buyer's market If some of you weren't thinking of buying a house before, now is the time to seriously consider it!

MSN article - housing

YAY great news!!! thank you

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

great news!

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Posted by florezpeeps

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

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yup!

And I quote....
'There's a 34.6% chance on average that home prices will drop in the nation's top 50 markets in the next couple of years...'

I know nothing about homes, but to me, 34% doesnt sound too reliable

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Posted by Mizzdimple

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Posted by florezpeeps

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

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yup!

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ahhh i knew it was too good to be true, i thought something might've happened lol.

i have 2 REA's in the family (so holidays = sit the kids down and lecture on property investment )

anyway, they are predicting VERY low asking prices by the end of next summer!! Just in time for us to close before our wedding!!

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Posted by Espo22

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Posted by Mizzdimple

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Posted by florezpeeps

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

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yup!

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ahhh i knew it was too good to be true, i thought something might've happened lol.

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but, over the last 3 years, the market has dropped dramatically and turned into a buyers market...

it is true - just think, 5 years ago, people were asking outragious prices for homes and GETTING thoses prices... now people cant even give houses away...

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Posted by Espo22

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Posted by Mizzdimple

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Posted by florezpeeps

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

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yup!

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ahhh i knew it was too good to be true, i thought something might've happened lol.

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i wish it were true also, last yr when i saw this very same forecast, i thought 'that's great, maybe fh and i could get our own house', but property value went up up up~truth is, unless people around the world are suddenly turned off by america (and stop migrating all together) or the major cities stop attracting new residents (yeah right!), it's not happening anytime soon

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Posted by florezpeeps

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

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I don't know, maybe its different in suffolk county than queens. I've been watching the market out here for a while and there's a NOTICEABLE drop in prices here.

We're trying to figure out what we want to do. We want to wait until after the wedding to buy, we want to be able to use what we get. Unfortunately we need to give notice on our lease April 1 if we plan to move out in June. I don't think we'll have enough time to do anything since its only 2 weeks after the wedding.

Although it is nice to know homes are a little bit more affordable then they were several years ago....I still know FH and I will be living in our apt for about 2-3 more years. Well first off he doesnt come home from Japan until 3 months before our wedding and hten we want a year or 2 to save for a house.

But even with prices possibly dropping a little we know we still need to estimate bills- electricity, cable, phone, water, heat etc

And that is also a killer with prices these days...so it is not that exciting to hear that for me hahaha

BUt Good Luck everyone else who can afford a house now...I am jealous

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Posted by jsta76

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Posted by florezpeeps

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

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I don't know, maybe its different in suffolk county than queens. I've been watching the market out here for a while and there's a NOTICEABLE drop in prices here.

We're trying to figure out what we want to do. We want to wait until after the wedding to buy, we want to be able to use what we get. Unfortunately we need to give notice on our lease April 1 if we plan to move out in June. I don't think we'll have enough time to do anything since its only 2 weeks after the wedding.

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woops, i should pointed out, like the article-i am refering to major cities, in this case NYC

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Posted by jsta76

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Posted by florezpeeps

i'd hate to be the bearer of bad news but that prediction has been around for the last 3 fiscal years-my boss (that is seriously invested in real estate) and i saw this the other day and he laughed his as$ off~and told me it's not happening

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I don't know, maybe its different in suffolk county than queens. I've been watching the market out here for a while and there's a NOTICEABLE drop in prices here.

We're trying to figure out what we want to do. We want to wait until after the wedding to buy, we want to be able to use what we get. Unfortunately we need to give notice on our lease April 1 if we plan to move out in June. I don't think we'll have enough time to do anything since its only 2 weeks after the wedding.

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ditto - in Nassau also! Major cities wont ever see much of a decrease ... the demand will always be too high!

I don't know - I think once the election takes place there is going to be a drastic change in housing prices and the economy in general...

Regardless of what the market watchers say - you should still buy before the election if you can.

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Posted by jteach711

My fh is a mortgage broker and he said that houses on the island have definetly dropped in the past 2-3 years but that they will not be dropping much more, but will stay at this level for the next few years.

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Yes they definitely did drop within the past few years...not significantly but definitely noticeable. FH and I house shopped for about 2 years and from looking at houses every freakin day I noticed a difference. I also agree that they'll be staying about where they are for the next few years

so i guess that means the million dollar homes in my neighborhood will go down to $800,000 - whew! thank goodness i can move in now

lol jk- i heard this too. . .i hope it stays down for when we are ready to look for houses!