Ok well as many of you probably have been reading in the paper or seeing on the news, there are alot of problems going on. Lately, ive been seeing the effects. FH's close friend and his fiancee who work for the same company are now out of work bc their company went bankrupt, they are mortgage brokers. Basically giving out loans that people can't cover and other things.
At work, we trade mortgage securities and the prices have changed alot and not in a good way. Its hectic today.
They say bc of such high costs its stopping people from buying, or people buy houses and then realize later they can't really afford it, and homes are getting foreclosed and so on.
So there is a chance that homes are gonna go down bc of the effects its having. I mean its a cycle in the economy that always happens and this is why people are able to predict what is going to happen. Prices go up high but its gonna get to the point where people are spending less bc of it, they aren't putting it back in rotation, businesses suffer, then bc of that, prices go lower, people spend more and you all know, not gonna write it all out lol
yelley77
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Re: So you think houses are going down soon.
Thank the good lord! Everything we like in the area we want to move to is super expensive and it ain't worth it!!!
Hopefully by the time we all tie the knot, prices will be coming down.
Jesses Girl
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Re: So you think houses are going down soon.
yah i was just talkin to a friend about this...
its going to get harder to borrow money, get a mortage, loan , all of that
megzzie
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That's good news for us when we go to buy a house - hopefully we'll get a decent price!
Espo22
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Posted by Jesses Girl
yah i was just talkin to a friend about this...
its going to get harder to borrow money, get a mortage, loan , all of that
I know now you have to borrow SOOOO much money to buy a house its crazy.
jgl
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Re: So you think houses are going down soon.
its crazy!!! FH and I are just starting to look atndwe are just so nervous that we arent going to find something we can afford and in a nice area.nowe i guess we'll have to worry about getting a mortgage
AS
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My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?
Autumn08
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I certainly hope so. Once in awhile FH and I will go to open houses and I'm just stunned and what people are asking!
This weekend I'm actually going to visit a friend who moved to PA and out of curiosity she will take us to different neighborhoods and possible check out some open houses.
I don't exactly want to live in PA but my parents are thinking of moving there and if we can't afford a nice house here then I will consider moving out of state an option.
But I swear some people think ooh I dusted the house so let me raise my asking price 100K! LOL Ok that may be a little bit of an exageration but not by much.
Snowflake08
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prices will go down over the next 2 years my BIL (sister's husband) is a vice president of Bank of America so i get all my tips from him
Espo22
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Posted by jgl
its crazy!!! FH and I are just starting to look atndwe are just so nervous that we arent going to find something we can afford and in a nice area.nowe i guess we'll have to worry about getting a mortgage
I feel horrible for our friends...They are getting married this november and the last thing they needed was to BOTH be out of their jobs. I can just imagine what theyre going through
iwannabmrsD
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Re: So you think houses are going down soon.
we're in the market now.. well officially in september and we are seeing prices going down.. plus there are soooo mmmaaannnyyy homes n the market u can find a neighborhood u love and find 8-10 houses for sale in that neighborhood.. so that also drives prices down..
the down side is that getting a mortgage is going t obe soo much harder. no more stated income mortgages and its my understanding that the 3% down is getting hard to get also.. i told fh we have to start getting our accounts in order.. like PRONTO..
oh i am NOT looking forward o trying to retrieve a years worth of bank statements again.. lol. the paperwork i had to collect for my first home was tedious and annoying. not looking forward to doing that again AT ALL!
BNBride60
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Re: So you think houses are going down soon.
It's good for everyone, but I don't understand how you can win when you already own property. During the height of these prices, our home appraised at twice what we bought it at (granted, we put a lot of money into renovations as well). We were hoping to move after we are married, but it's gonna stink to not be able to get as much out of selling this house as we were hoping!
Espo22
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Re: So you think houses are going down soon.
Posted by MPAS
My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?
hmmm but people who want to sell should sell now, i just thought of that. So its bad news for sellers. Hmmm gotta tell FH's parents...They had it appraised recently and WOW we all couldn't believe what a high price it would sell for so maybe they should think soon.
Oh theres always listings for foreclosed homes
megzzie
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Re: So you think houses are going down soon.
Posted by Autumn08
I certainly hope so. Once in awhile FH and I will go to open houses and I'm just stunned and what people are asking!
This weekend I'm actually going to visit a friend who moved to PA and out of curiosity she will take us to different neighborhoods and possible check out some open houses.
I don't exactly want to live in PA but my parents are thinking of moving there and if we can't afford a nice house here then I will consider moving out of state an option.
But I swear some people think ooh I dusted the house so let me raise my asking price 100K! LOL Ok that may be a little bit of an exageration but not by much.
I agree - prices people are asking are nuts! It's so true though, people will give their house a good dusting and raise the price lol.
My cousin just bought a house in PA and it's a mansion and he paid so much less than here!
Edited because I can't spell
Autumn08
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Re: So you think houses are going down soon.
Posted by iwannabmrsD
we're in the market now.. well officially in september and we are seeing prices going down.. plus there are soooo mmmaaannnyyy homes n the market u can find a neighborhood u love and find 8-10 houses for sale in that neighborhood.. so that also drives prices down..
the down side is that getting a mortgage is going t obe soo much harder. no more stated income mortgages and its my understanding that the 3% down is getting hard to get also.. i told fh we have to start getting our accounts in order.. like PRONTO..
oh i am NOT looking forward o trying to retrieve a years worth of bank statements again.. lol. the paperwork i had to collect for my first home was tedious and annoying. not looking forward to doing that again AT ALL!
Stated income? I always figured you'd have to show your income. I don't really know anything about the mortgage business.
AS
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Re: So you think houses are going down soon.
Posted by Espo22
Posted by MPAS
My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?
hmmm but people who want to sell should sell now, i just thought of that. So its bad news for sellers. Hmmm gotta tell FH's parents...They had it appraised recently and WOW we all couldn't believe what a high price it would sell for so maybe they should think soon.
Oh theres always listings for foreclosed homes
Would you have a good website for houses , buying and forcloseures since you are in that business??
BNBride60
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Re: So you think houses are going down soon.
Posted by MPAS
My parents are looking for a house, they have been waiting for a while so the prices can go down. Is it easy to get a foreclosed house?
My parents bought a foreclosed house and I also work for an attorney who referees foreclosures. It really depends. You have to have a lot of liquid cash. You need to be able to produce a bank check for 10% of the purchase price on the day of the foreclosure auction. You also need to have the money to hire an attorney to bring an ejectment action against the people living there, because in most cases they don't vacate willingly. Also, a lot of these houses need work to be liveable OR they are liveable and then the residents mess it up before they leave (e.g., cut the pipes and flood the house) before they move out.
Autumn08
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Re: So you think houses are going down soon.
Posted by megzzie
Posted by Autumn08
I certainly hope so. Once in awhile FH and I will go to open houses and I'm just stunned and what people are asking!
This weekend I'm actually going to visit a friend who moved to PA and out of curiosity she will take us to different neighborhoods and possible check out some open houses.
I don't exactly want to live in PA but my parents are thinking of moving there and if we can't afford a nice house here then I will consider moving out of state an option.
But I swear some people think ooh I dusted the house so let me raise my asking price 100K! LOL Ok that may be a little bit of an exageration but not by much.
I agree - prices people are asking are nuts! It's so true though, people will give their house a good dusting and raise the price lol.
My cousin just bought a house in PA and it's a mansion and he paid so much less than here!
Edited because I can't spell
OMG the taxes are sooooo low. I was looking at a beautiful house on 1.5 acres and the taxes were 1800.
Espo22
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Re: So you think houses are going down soon.
Posted by Snowflake08
prices will go down over the next 2 years my BIL (sister's husband) is a vice president of Bank of America so i get all my tips from him
good source to get your tips from...But WOW i am feeling so much better about our decision now. We want to just take over the payments of one of the apartments my dad owns, for us its just easier bc of work, we are alot closer. And then we figure we can sell the apartment and use that for a house. Now i know we are definitely doing this and waiting until houses go down.
Snowflake08
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Re: So you think houses are going down soon.
what is stated income??
they are building luxury condos 2 blocks from where we are now; set to open next summer so we're looking into that for now also the condos in HB
